Allies of Skin has raised US$20m from investment firm Meaningful Partners to fuel its expansion into the US.
The Singapore skin care brand will use the growth financing company’s capital to help it break the American market.
Online and physical retail will be a priority, as well as building a US-based team and increased marketing efforts.
It will also ramp up investment into product R&D.
Allies of Skin was founded by former digital analyst Nicolas Travis in 2016.
Its products contain actives, such as retinoids, vitamin C and antioxidants, in high concentrations and biocompatible formulas.
“The opportunity in the US skin care market is grounded in its receptivity to value-driven brands such as ours and the growing demand for efficacy-driven products,” Travis told Cosmetics Business.
“We are thrilled about our venture into the US market and are poised to utilise the raised capital to drive our entry strategy across digital and retail platforms.
“While we cannot disclose all the intricacies of this move, rest assured that our approach is crafted and rooted in a thorough understanding of the US market dynamics.
“We anticipate challenges inherent to market expansion but are confident in our ability to overcome them swiftly and effectively.”
Meaningful Partners is hoping Allies of Skin can capitalise on the “strong tailwinds” in the efficacy-driven skin care segment at the moment.
“With a line-up of clinically-backed new product launches, operational excellence and a strong team, Allies of Skin is positioned for success in the US during this exciting next phase of growth,” said Jake Capps, Managing Partner at Meaningful Partners.
“After earning a fanatical customer base through their supercharged formulations and cutting-edge new product development, we look forward to supporting the company… as they continue to focus on the expansive US market.”
