Memebox is a rapidly-growing, leading e-commerce beauty retailer born in Seoul, currently headquartered in Palo Alto, California.
Memebox, an online seller of Korean cosmetics, has raised the most investment among South Korean startups last year, industry data showed Wednesday.
Memebox, a Korean beauty start-up, appointed Lee Kang-wook as its new co-CEO in charge of the company’s domestic business on Wednesday.
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.