China Digest: Cathay invests $53m in geoskincare; Shunwei backs Amiro

Amiro

New Zealand’s geoskincare has pocketed 350 million yuan ($53 million) in a Series E round exclusively from Cathay Capital, while Amiro has raised 100 million yuan ($15 million) in its Series B round led by Shenzhen-based Fortune Capital.

Cathay Capital invests $53m in New Zealand’s geoskincare

Eight months after raising equity financing from China’s Skycus Capital, New Zealand’s skincare brand geoskincare said it has pocketed 350 million yuan ($53 million) in a Series E round funding exclusively from Chinese cross-border private equity firm Cathay Capital.

geoskincare will leverage the proceeds to support the development of new product innovation, sales and marketing management, and international extension, the investor said on WeChat.

The brand, which was set up in 2000 and forayed into the Chinese market in 2014, produces natural skincare products including thermal water, BB cream, and mask. Aside from offline channels, it has created an online network through channels such as JD.COM. In addition, it also partners with social media giant TikTok and online ordering platform Eleme. 

geoskincare has ramped up efforts for market expansion, including in Germany, Singapore, Malaysia, India, Philippines, Indonesia, Vietnam, Japan and Taiwan. 

Prior to that, geoskincare had closed five rounds of funding. Sequoia Capital China along with Leading Capital had together invested in geoskincare’s angel round. Subsequently, Sequoia, Leading Capital and Chinese Merchants Bank had teamed up for an undisclosed Series C round in geoskincare in 2017. 

Shunwei Capital backs Amiro in Series B round

Beauty instrument products-driven startup Amiro has raised 100 million yuan ($15 million) in a Series B round led by Shenzhen-based Fortune Capital, according to a company statement on Wednesday.

Sino-US market-focused Celtic House Asia Partners, healthcare-focussed Highlight Capital, and Onew Capital are the new investors, while existing investor Shunwei Capital re-upped in the round.

Shunwei Capital and Xiaomi Corporation had tied up pouring ‘millions of US dollars’ in Amiro’s Pre-A round in 2017. 

Founded by Nianou Wang in Shenzhen, Amiro operates electronics-driven beauty instruments business for female groups. Since its inception in 2015, the startup rolled out pipeline products covering LED makeup mirror, cleansing brush, deep cleanser, and a hair removal device. 

It garnered 54 million yuan ($8 million) during China’a annual Singles’ Day online shopping extravaganza this month, up three times from 2019. 

Amiro is also backed by ZhenFund, Crystal Stream, Qinghai Fund, and Taihuoniao.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.