South Korea’s beauty startup scene is attracting a wave of overseas venture capital, underscoring renewed investor appetite for the country’s consumer brands and technologies.
According to venture investment platform The VC on Sunday, at least five K-beauty startups, including cosmetics e-commerce platforms and indie brand incubators, have secured foreign funding over the past year.
Memebox is a fast-growing South Korean beauty brand Best Innovation, which runs Kopher, a skin brand, recently raised 23 billion won ($16.5 million) in a funding round backed by New York-based private equity group Ulysses Capital.
K-beauty e-commerce platform SkinSeoulLab received investments from Silicon Valley accelerator 500 Global and Singapore-based Blueprint Ventures.
Bplant, which operates skincare brand Kurved, attracted 7 billion won from US venture investor Altos Ventures last month.
Medicube is APR's best-selling cosmetics brand (Screenshot captured from APR's website) BENOW: KOREA’S SECOND BEAUTY UNICORN AFTER APR
The surge in cross-border deals comes as the K-beauty sector produces its second unicorn, or an unlisted firm with an enterprise value of over 1 trillion won.
BENOW, a beauty startup, was valued at more than 1 trillion won in its latest fundraising, according to the Ministry of SMEs and Startups.
That makes it the first K-beauty unicorn since beauty-tech company APR Co. crossed the threshold in 2023.
Jung Saem-mool applies makeup to a model APR, which went public last year, has since overtaken Amorepacific Corp. in market value, with its capitalization exceeding 8 trillion won.
Investor enthusiasm has spilled over into policy.
Korea Venture Investment Corp. (KVIC) recently added beauty-tech, including medical aesthetic devices, as a target sector for its state-backed “K-Bio Vaccine Fund.”
Artist Cushion Blush (Courtesy of Jungsaemmool Beauty) Domestic investors are also ramping up exposure: Seoul-based The Ventures said meeting requests from beauty-tech founders have tripled over the past year, while the share of beauty startups under its investment review jumped to 18.4% this year from 5.8% in 2024.
Analysts said the flurry of deals reflects both the enduring global demand for Korean beauty products and the growing integration of beauty with technology, ranging from AI-driven skincare diagnostics to at-home aesthetic devices.
Write to Eun-Yi Ko at koko@hankyung.com In-Soo Nam edited this article.