Memebox Gets $65.95 Million In Funding

Memebox, a Korean-based e-commerce company that specializes in beauty products, has finalized a $65.95 million Series C funding expansion, according to TechCrunch.

The money comes from investors Formation Group, Goodwater Capital and Pejman Mar Ventures. All in all, Memebox has raised $95 million in capital from investors, according to TechCrunch.

The money should allow Memebox to continue expanding into the lucrative U.S. and China markets, and possibly to explore further expansion efforts.

Memebox currently sells about 1,200 primarily Korean beauty products to customers in the U.S., China and Korea. The company has a staff of about 250 in offices in San Francisco, Seoul, Taipei, Hong Kong and Singapore.

Memebox says that it has generated four million downloads off its mobile shopping app, and that it has an impressive 80 percent of its sales that come from mobile.

The company recently opened its first brick-and-mortar store in Seoul, Korea, but says that it has plans to expand those offerings greatly.

“Offline helps us reach a new set of customers and it provides more data points for us,” Arnold Hur, president of Memebox U.S., told TechCrunch. “For example: how [customers] react to different packaging or shelving arrangements. Offline is part of delivering a complete experience.”

Though at the moment Korea remains Memebox’s largest market in terms of sales, the U.S. and China combined now result in more dollar sales for the company. Sales in China grew 1,200 percent last year, while U.S. sales grew by 490 percent.