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South Korea's Memebox raises $17.5m from VCs

  • Andrew Woodman
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Beauty-focused e-commerce start-up Memebox has raised a $17.5 million Series B round of funding from a consortium of VC backers.

According to TechCrunch, participants in the round include Formation 8, Goodwater Capital, AME Cloud Ventures, Pejman Mar Ventures, Y Combinator, Winklevoss Capital, FundersClub, Cowboy Ventures, and Altos Ventures.

The company has now raised about $29 million in total. Investors in previous rounds include Fenox venture Capital and SparkLabs Global Venture.

Set up in Seoul in 2012, Memebox (pronounced "mi-mi box") - which is now headquartered in the US - sells Korean beauty products. In addition to selling third-party brands the company has its own product lines. It specializes in selling packages of products around a specific themes - for example, glamor, travel, or slumber party.

The new capital will be used to build the firm's operations in South Korea, the US, and China. Memebox also plans to upgrade its mobile apps, which account for 80% of transactions, expand into cosmetics and skin care, and improve its logistics network.

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