Beiersdorf participates in 5 million USD follow-on investment for LYCL

Beiersdorf participates in a 5 million USD Series B funding round by the LYCL Inc., thus strengthening its existing engagement in the Korean skin care and tech start up. The investment shows Beiersdorf’s commitment to the LYCL digital business model, its growth plan and the joint value of the collaboration. Co-investor is LOTTE Corporation, a South Korean multinational conglomerate.

“We are happy to continue supporting LYCL on its rapid growth path,” says 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.” Beiersdorf first invested in LYCL Inc. in December last year after the start-up had participated in the company’s own accelerator program “NX NIVEA” in Korea since April 2019. The funding round itself as well as Beiersdorf’s investment shows the ongoing success of the NX NIVEA Accelerator.

“This case proves how NX adds value to startups during their entire lifecycle. We will continue working with LYCL on several co-innovation projects as alumni of NX,” says Endrik Hasemann, General Manager Beiersdorf South Korea.

“We are thankful for the contribution as well as the valuable collaboration from an early stage onwards with NX,” says 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,” he adds.

About LYCL Inc.

LYCL Inc. is a Korean skin care and tech startup established in 2013. The company combines three different business models: unpa.me, a review and content platform for K-Beauty products, palett.me, an influencer network platform, and unpa.Cosmetics, the startup’s own skin care brand. This setup leads to a fast development of data-driven, consumer-centric and highly innovative skin care products. LYCL Inc. already has a strong footprint in South Korea with the majority of product sales generated through a direct-to-consumer (DTC) business model via LYCL’s own website.

About OSCAR&PAUL Venture Capital

OSCAR&PAUL is the recently established platform for all internal and external ventures at Beiersdorf. While OSCAR&PAUL Mastering Corporate Indie Brands develops new brands and business models from within the company, OSCAR&PAUL Beiersdorf Venture Capital focuses on corporate investments in external strategic opportunities. True to Beiersdorf’s entrepreneurial DNA, OSCAR&PAUL Beiersdorf Venture Capital invests in innovative companies and start-ups, establishing long term partnerships to drive the impact of disruptive technologies, new business models and skin care innovations.