Global investors flock to K-beauty startups as sector mints new unicorn BENOW

Brands such as Memebox, Bplant, Jungsaemmool Beauty, SkinSeoulLab and Best Innovation have become market darlings

Memebox is a fast-growing South Korean beauty brand (Screenshot captured from its website)
Memebox is a fast-growing South Korean beauty brand (Screenshot captured from its website)
Eun-Yi Ko 2
2025-08-17 11:45:10 koko@hankyung.com
Beauty & Cosmetics

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.

These include Memebox, Bplant, Jungsaemmool Beauty (JSM Beauty), SkinSeoulLab and Best Innovation.

Memebox is a fast-growing South Korean beauty brand
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)
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
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)
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.

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