Shanghai-headquartered emerging skincare brand Zhuben has completed its Series A and B rounds raising a total of $50 million, according to a company statement on Monday.
Genesis Capital was the lead investor for the Series B round with the participation of Vision Plus Capital and 5Y Capital. Existing investor Yue Capital facilitated the transaction.
The Series A round was led by Vision Plus Capital while 5Y Capital and Yue Capital joined the round.
Zhuben will invest the proceeds towards product R&D, brand marketing, talent recruitment, and supply chain management.
Zhuben, founded in 2016 by Qianfei Liu who served stints at Milestone Capital and cosmetics startup Mocha, made its skincare products debut in 2018 through online channels such as Alibaba’s Taobao.
It claims to have launched about 10 product lines including essential oils, face cream and mask, with over 80% of sales earnings coming from the cleansing oil category. It registered gross merchandise volume worth 200 million yuan ($31 million) in 2020, a 450% year-on-year growth. It is set to achieve up to a 500% increase in 2021.
Founder Liu holds a 41.43% stake in Zhuben followed by Shanghai Ruiyuan Management and YSC Cleaning (HK) with 23.3% and 15% equity interests, respectively.
5Y Capital had in January also joined hands with leading investors such as SIG to invest 150 million yuan ($23 million) in male skincare startup Make Essense.