This round marks the Korean startup’s first strategic investment and brings its total funding to $190 million. Memebox said that it will work with JJDC, the venture capital arm of Johnson & Johnson, to access the global market.
“We want to build the next generation of personal care brands by leveraging Korean technology across beauty categories… We will leverage JJDC’s global capabilities and scientific expertise which will enable us to take a big step forward in our focus on innovation, R&D, and ultimately, reaching a global audience,” said Memebox founder and CEO Hyungseok Dino Ha.
Memebox joined Y Combinator in 2014 before raising more funding from several investors including Formation Group and Goodwater Capital. It joined forces with France-based multi-brand cosmetics store operator Sephora in September 2018 to launch its new makeup line Kaja.
JJDC invests in all stages from seed to larger round and the sectors that it focuses on are pharmaceuticals, medical devices and consumer healthcare.