J&J Makes $35M Investment in Memebox24/01/2019
Johnson & Johnson, though a fund, has invested $35 million in Memebox.
For Memebox, the Series D round brings total funding to more than $190 million. Other investors include Formation Group and Goodwater Capital.
Memebox has launched several K-beauty-inspired brands, including I Dew Care, Nooni, Pony Effect, and most recently, Kaja, a Sephora-exclusive makeup collection.
At one point, Memebox took a break from selling products to exclusively run a content hub. That process allowed the business to learn about consumers — something the business has continued with the launch of Insider Access, its influencer program.
The latest round of capital is meant to help the business accelerate overall growth. In a statement, Ha said he was looking to build "the next generation of personal-care brands by leveraging Korean technology across beauty categories."
"We want to work closely with our strategic partners so that together, we can imagine and create the next cult product. We are laser-focused on predicting and delivering what consumers are craving and believe taking a science-focused approach is key," Ha said.
Memebox expects to be able to leverage J&J's global capabilities and scientific expertise for its own innovation and research and development.
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