Beiersdorf participates in US$5 million funding spherical for Okay-beauty’s Lycl
THE WHAT? Beiersdorf has strengthened its present engagement in Okay-beauty skincare and tech start-up Lycl. The German producer of Nivea has participated in a US$5 million Sequence B funding spherical.
THE DETAILS Beiersdorf first invested in Lycl final December following the start-up’s participation in its accelerator program, NX Nivea. South Korea’s Lotte was named as a co-investor.
“We’re joyful to proceed supporting Lycl on its speedy progress path,” stated Ascan Voswinckel, Head of Oscar&Paul Beiersdorf Enterprise Capital. “This determination is in step with our general technique of constructing long-term partnerships to drive innovation within the skincare business.”
“We’re grateful for the contribution in addition to the precious collaboration from an early stage onwards with NX,” added Jeon Jihoon, founder and CEO of Lycl. “This follow-on funding exhibits the persevering with dedication of Beiersdorf and the corporate’s confidence in our plan for achievement on a bigger scale, particularly past Korea.”
THE WHY? The funding demonstrates Beiersdorf’s dedication to the Lycl digital enterprise mannequin, its progress plan and the joint worth of the collaboration, the Nivea proprietor stated in a press release, and is in step with its enterprise capital arm, Oscar&Paul’s wider technique to assist potential business disruptors.