THE WHAT? Beiersdorf has strengthened its existing engagement in K-beauty skin care and tech start-up Lycl. The German manufacturer of Nivea has participated in a US$5 million Series B funding round.
THE DETAILS Beiersdorf first invested in Lycl last December following the start-up’s participation in its accelerator program, NX Nivea. South Korea’s Lotte was named as a co-investor.
“We are happy to continue supporting Lycl on its rapid growth path,” said Ascan Voswinckel, Head of Oscar&Paul Beiersdorf Venture Capital. “This decision is in line with our overall strategy of building long-term partnerships to drive innovation in the skin care industry.”
“We are thankful for the contribution as well as the valuable collaboration from an early stage onwards with NX,” added Jeon Jihoon, founder and CEO of Lycl. “This follow-on investment shows the continuing commitment of Beiersdorf and the company’s confidence in our plan for success on a larger scale, especially beyond Korea.”
THE WHY? The investment demonstrates Beiersdorf’s commitment to the Lycl digital business model, its growth plan and the joint value of the collaboration, the Nivea owner said in a statement, and is in line with its venture capital arm, Oscar&Paul’s wider strategy to support potential industry disruptors.