Memebox is a rapidly-growing, leading e-commerce beauty retailer born in Seoul, currently headquartered in Palo Alto, California.
PROOF, the recently formed investment fund from noted local VCs John Backus, John Burke and Thanasis Delistathis, has invested in rapidly growing cosmetics startup Memebox.
Memebox, an e-commerce company specializing in beauty products from Korea, has closed a significant $65.95 million Series C funding round to fuel further expansion.
A good example is Memebox, a start-up founded in 2012 in Seoul that is now based in San Francisco. As of last year, the company raised investment from third parties of more than $29.35 million.
Memebox, Inc. began as a 150-person cosmetics sample delivery startup out of Korea. Riding the wave of the Korean beauty trend, they refocused and created an ecommerce platform for distributing products to retailers and later started their own cosmetic brand.
Memebox is a Korean beauty shop that curates themed boxes and sells beauty products from a variety of brands. Most of these boxes are limited time/stock only. This review is of The Best Hits Skincare Box (now sold out). Memebox describes it as “our bestselling skincare items all in one amazing box.”
On Wednesday, the company announced it raised $29 million from investors, including Yahoo cofounder Jerry Yang and a host of venture capital firms such as Formation 8, Goodwater Capital and Pejman Mar Ventures.
Memebox, the first Korean company to be accepted into Y Combinator program, launched in Korea in 2011. It did a soft launch in the US 7 months ago and the experience for American shoppers has been all about the discovery of new beauty products.
Online Korean beauty store Memebox moved its headquarters from the cozy comforts of Seoul for the alluring but unknown haunts of San Francisco. The company's US site went live on January 1, 2014. Although sales were sluggish at first, the site has since developed enough traction to hit US $700,000 in sales for September alone.
To offer the best Korean cosmetics products to global consumers, Memebox is an online monthly subscription service from which people can purchase a box of several selected cosmetic samples or other beauty products. The company now has more than 300,000 subscribers both at home and abroad, with about 1,000 customers who sign on for the service daily.
Prior to Co-Founding Memebox, Hyungseok was the B2B Sales Manager at Ticket Monster (acquired by LivingSocial), a Seoul-based daily deals platform. Before that, he worked as a PR associate at Tom Ford and Versace. Hyungseok is a graduate of the Parsons School of Design.
Prior to Memebox, Alicia was a business development associate at Glassmap (acquired by Groupon) and was in the business development team at Formation8. Alicia received her undergraduate degree at the Stanford University.
Prior to Memebox, Jongkwang was a developer at NCSOFT, SK Communications, and CSquare. He received MS in Computer Science at the Korea University.
Prior to Memebox, Arnold was an analyst at Goldman Sachs and the Boston Consulting Group. His previous experience also includes commerce strategy and business development at Google. Boston College graduate.
Korea University graduate