The A-beauty coffee scrub specialist is now valued at AUD $100 million
Australian beauty brand Frank Body has completed an investment with Chinese private equity firm EverYi Capital, valuing the coffee scrub specialists at AUD$100m (£56m).
Founded in 2013 with $5,000, the brand went on to receive backing by Unilever Ventures, and plans to use this latest funding to expand into China.
Frank Body is expected to develop a localised team in Shanghai and will partner with Australian retailer Mecca to enter China via e-commerce player Tmall.
"This partnership [with EverYi] is an important next step in our globally present, locally relevant strategy, enabling us to bring our accessible, affordable and effective clean beauty and personal care products to an important audience," said Steve Rowley, co-founder and CEO of Frank Body.
"Having a local operational partner gives us insight and support to grow in what we anticipate will be one of our core future markets."
According to Frank Body, its manufacturing will continue from Australia and the US, and the investment coincides with China beginining to relax animal testing requirements from 1 May.
EverYi Capital Managing Partner Susan Shui-Shien Lin said that Frank Body's A-beauty and coffee-focused brand identity will resonate with Chinese millennials and Gen Z consumers who are "looking for quality and uniqueness".
"The face and body care category in China is a relatively untapped market in relation to affordable, premium brands," she continued.
"We believe Frank body’s expansion in China will benefit from this opportunity and we are excited to support the business in this exciting next phase.”
Frank Body has seen rapid growth in the past year, with the company reporting a 50% year-on-year growth in its home region.
Earlier this year, the brand also entered into 350 Boots doors in the UK, but, at 50%, the US remains its largest market through D2C sales and retail partnerships including Ulta, Target and Urban Outfitters.