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Press Release Category Business - E-Commerce - Althea Inc. Release Date: October 31, 2017

Althea Raises $7 Million in Series B Funding to Expand its Digital Beauty Platform Globally


By Althea Inc.
October 31, 2017
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Althea, one of the fastest growing beauty e-commerce platforms in the world, raises new funds to fuel private-label development and global expansion

PR9.NET October 31, 2017 - Digital beauty startup Althea Inc., www.althea.kr, announced today that it has raised $7 million in Series B funding from FirstFloor Capital, Korea Development Bank, Bridges Alliance Partners, Innoven Capital, and Tekton Ventures. The new financing will primarily be used to accelerate growth in its private-label product lines and to expand its mobile and e-commerce offerings globally.

Founded in 2015 by Frank Kang, Christopher Cynn, and Jae Yoon Kim, along with a team of beauty and e-commerce professionals from Rocket Internet, Memebox, and Ticket Monster, Althea operates across major markets in Asia and the US, and ships to over 250 countries worldwide with its global platform.

Leveraging its unique cross border model, in which merchandising and fulfillment is centralized in Korea while all customer-facing operations are localized in each market, the company has grown quickly into one of the largest online Korean beauty stores in the world. Riding on the popularity of K-beauty in the fast-growing beauty e-commerce segment, Althea has experienced growth of 300% YoY since launch.

While the company has seen tremendous growth as an online retailer, it sees an even bigger opportunity to become a next-generation beauty brand built in the digital age. ?Based on the vast amount of user data that we have gathered over the past few years, we are now able to understand the specific needs of our customers in each market, garner feedback almost instantly through our online platforms, and quickly turn that into a product within a month or two,? notes CEO Frank Kang. ?We have deep insights into our customer base that traditional brands simply cannot match.?

Its first product, the Petal Velvet Powder, was an instant success, selling out in less than a few weeks within launch. Building on that momentum, Althea is now planning to release its first feature product lineup by the end of this year.

?With the new injection of capital, Althea will aggressively roll out its expansion plans to become the No.1 digitally-powered beauty brand in the world.?

?Althea is a leading digital beauty brand that embraces a data-driven approach while staying close to the customer.? said FirstFloor Zauqi Abdullah. ?We see huge opportunity for its private-label strategy going forward, and are excited to be a part of their continued expansion.?

About Althea
Althea is a online beauty destination offering the latest Korean beauty products, trends, and lifestyles to customers around the world. With e-commerce and mobile platforms, and data analytics and private-label capabilities, Althea envisions to be the world?s leading digital beauty brand.

For more information, please visit http://www.althea.kr/.

Contact:
Frank Kang
Phone: +82 2 555 8436
Email: frank@althea.kr


# # #

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Althea Raises $7 Million in Series B Funding to Expand its Digital Beauty Platform Globally


Contact Information of Althea Inc. Contact Information of Althea Inc.
Website http://us.althea.kr/
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About Althea Inc.

Althea is a online beauty destination offering the latest Korean beauty products, trends, and lifestyles to customers around the world. With e-commerce and mobile platforms, and data analytics and private-label capabilities, Althea envisions to be the world?s leading digital beauty brand.

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