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KIP leads $10m Series A round for China cosmetics review app

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Korean Investment Partners (KIP), South Korea’s biggest venture capital firm, has led a $10 million Series A round of investment for Cosmeapp, a Chinese mobile app that provides cosmetics reviews.

Existing investor Empower Investment - a Shanghai-based, TMT-focused early stage investor - also participated in this round, the company confirmed to local media 36K.

Operated by Hangzhou Beiyu Technology, the app was launched in 2015. The app provides a platform where users can share their experiences of using various cosmetics products. Since inception, the company claims to have gained 30 million users.

Cosmeapp's founder Lei Yang, has said the start-up intends to leverage KIP's experience in beauty industry and use its industry resources to help further the company's development. Previously KIP invested in three cosmetic manufacturers in South Korea, including ABLE C&C, Medytox and Humedix. KIP is also expected to bring in more high-quality beauty content to the online platform, according to Cosmeapp.

Since 2000, KIP has been managing venture capital fund worth KWR9 trillion ($8 billion) and an overseas fund worth RMB100 million ($16 million). Its LP base includes National Pension Service, Korea Finance Corporation and Korea Development Bank.

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