Althea Inc., a South Korea-based e-commerce startup focused on the beauty sector, has recently raised its Series B funding to the tune of US$ 7 million, from FirstFloor Capital, Korea Development Bank, Bridges Alliance Partners, Innoven Capital, and Tekton Ventures.
The company will primarily use the new resources to accelerate development of its private-label lines, as well as support its global expansion efforts for its m- and e-commerce platforms.
“With the new injection of capital, Althea will aggressively roll out its expansion plans to become the No.1 digitally-powered beauty brand in the world,” says founder and CEO Frank Kang, in a statement.
One of the defining features of Althea is its data-driven approach to e-commerce, which gives it an edge over traditional brands and platforms. Kang notes:
“Based on the vast amount of user data that we have gathered over the past few years, we are now able to understand the specific needs of our customers in each market, garner feedback almost instantly through our online platforms, and quickly turn that into a product within a month or two. We have deep insights into our customer base that traditional brands simply cannot match.”
In 2016, Althea raised a US$3.4 million Series A to support its Southeast Asia expansion. Prior to that, it received second seed funding from 500 Startups.
Althea was founded in 2015 by Kang, Christopher Cynn, and Jae Yoon Kim, along with a team of beauty and e-commerce professionals from Rocket Internet, Memebox, and Ticket Monster. Apart from South Korea, it now operates across major markets in Asia and the US, and the company ships to over 250 countries globally.