Guangzhou-based cosmetics startup Meishang has closed its Series A round, bagging nearly RMB 200 million (USD 28.3 million), according to a press release from the company on Tuesday.
Investors include Chinese home furnishing retailer Red Star Macalline, Sinovation Ventures, Welight Capital and CEC Capital, said the company, without revealing the leading investor.
Meishang, which was founded in January 2018, scored nearly RMB 100 million from angel investors including Sequoia Capital China.
Products under the Chinese domestic brand, Colorkey, ushered in more than RMB 200 million in revenue for Meishang one year after the company opened a flagship store on Alibaba’s B2C e-commerce platform Tmall in September 2018. Colorkey broke into the top five best-selling brands on the platform just half a year after joining.
New funds will be used to enhance Colorkey’s leading position among emerging brands and to distribute its South Korean brand Superface’s products in the medium-and-high-end import cosmetics market in China. The company will also market its Taiwan skincare brand Lab 101 to the medium-and-high-end market in China and overseas.
In March, another Guangzhou-based company Yatsen, which owns cosmetic brand Perfect Diary, scored USD 100 million in a new fundraising round led by Tiger Global Management.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.