Memebox has ridden the K-Beauty wave all the way to $60 million in funding. What Memebox was able to do early was focus on online first and foremost as more and more customers are switching to online than offline. Memebox was incubated by Y Combinator, an American seed accelerator and in 2014 graduated as their top new company. Now Memebox is one of the most successful Korean startups of all time and now with an additional $60 million Series C funding, their success is not about to stop anytime soon.
The $60 million will be added to the already $100 million raised. It is mainly an e-commerce platform with future plans to build retail stores because of high demand from the public. However many see this funding as a direct result of their success in China. China loves Korean beauty products and there is a big demand for Korean beauty products in China. Add that to their $100 million in revenue per year and it is clear why they were able to that additional $60 million.
Memebox has also been able to use data analytics to its fullest. This is something more and more startups will rely on moving forward to gain a better understanding of their customer base as well as product trends. However, what made Memebox such a revolutionary e-commerce beauty platform was their use of influencers on social media, especially Youtube. They will look to use this strategy in China moving forward.