VOMMA (Shanghai) Technology Co., Ltd, the parent company of Chinese cosmetic contact lenses brand Moody, has raised over 1 billion yuan ($155 million) in its Series C round.
Local investor 5Y Capital and US investment major KKR have jointly led the round, while existing investor GGV Capital participated in it.
Proceeds from the funding will be used to ramp up the company’s product innovation, talent management, R&D centre, and global expansion plans.
Headquartered in Shanghai, VOMM launched its sub-brand Moody in 2019, known for producing new generation coloured contact lenses.
The brand, which focuses on online sales, claims to have registered more than 200 million yuan ($30 million) in annual revenue in 2020 – it expects to achieve 800 million yuan ($125 million) by the end of 2021.
In partnerships with global optometrists, material scientists and designers, Moody has set up a research institute, it said in a statement.
China’s coloured contact lenses market is witnessing significant growth. Its sales during last year’s Double 11, an annual Chinese e-commerce shopping festival initiated by Alibaba in 2009, grew over 100% year-on-year, per industry estimates. In addition, the amount in the first half of 2021 increased 83% than the previous year.
In February this year, Moody completed its Series B+ round, raising 380 million yuan ($59 million) from GGV Capital, GL Ventures, Source Code Capital, Tencent Investment, Matrix Partners China and other investors. Prior to that, in January this year, Moody raised its Series B round.