China’s Hi!Papa closes Series A+ funding round

China’s Hi!Papa closes Series A+ funding round

THE WHAT? Chinese cosmetics brand, Hi!Papa has closed a Series A+ funding round led by L Catterton. Financial terms were not disclosed. The investment will help the Gen Alpha-focused line further scale in the country’s rapidly growing kids personal care market.

THE DETAILS The Chinese kids personal care market has been growing approximately 12 percent a year over the past four years and is expecting to hit a value of RMB52 billion by 2026.

“Hi!Papa is committed to providing school-age kids in China with safe, gentle, and effective skin care solutions that meet their unique needs,” comments Hi!Papa Founder and CEO Jiangsheng Xuyu. “We have made significant headway since our establishment just four years ago and are excited about the road ahead as we leverage L Catterton’s operating capabilities to continue building our brand, broadening our product suite, and augmenting our distribution network.”

THE WHY? Scott Chen, Managing Partner in L Catterton’s RMB fund, explains, “Having made more than 30 investments in the global personal care space, we have seen demand for products which specially meet children’s skin care needs arise in other markets as they mature, and are not surprised that this arc is now unfolding in China too. Hi!Papa has likewise identified this market opportunity and methodically developed products that resonate with its target consumers, enabling it to not only capture white space, but also engender strong brand equity and win long-term customer loyalty. Its many achievements since its founding have been remarkable and we believe that it is poised for further success.”