Memebox Raises $29.4 Million

Watch out for Memebox. Why? Because the beauty e-commerce site with offerings to China, the U.S. and Korea announced today that it has raised $29.4 million in funding from Formation 8, Goodwater Capital, AME Cloud Ventures, Y Combinator, Pejman Mar Ventures, Winklevoss Capital, Cowboy Ventures and Altos Ventures. With this investment, Memebox will use the funding to expand the business in China, build out the logistics system in the U.S. and advance the mobile apps with better UI and UX capability. “What we are bringing into the beauty industry is technology,” said Hyungseok “Dino” Ha, chief executive officer of Memebox. “Right now 28 percent of our employees are engineers.” Launched in 2012 and incubated by Y Combinator, Memebox sells more than 1,000 companies’ products on its site and introduced its own data-driven, private-label cosmetics brand in 2014. Also in 2014, the company came out with new iOS and Android mobile apps for the Korean, Chinese and U.S. markets. Since its unveiling, Memebox has experienced more than 400 percent growth, year-over-year, with one million app downloads. “Having a mobile-first strategy is something very common in the tech industry, but just selling cosmetics on mobile was considered something that could never be done,” Ha noted. “We’re

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