Specialists in digital native brands will use new funding from private equity firm to execute growth roadmap
Personal care incubator brand Pangaea Holdings has received a fresh cash injection of US$53m from private equity firm Eurazeo.
Eurazeo’s minority stake in the beauty accelerator, which helps to develop digital native brands through their e-commerce platforms, is part of a $68m round of funding also involving Unilever Ventures, the conglomerate’s start-up investment programme, as well as past investors.
Pangaea’s recent cash investment brings the company’s total capital raised since its establishment in 2018 to $87m.
The company, founded by Richard Hong and Darwish Gani, built its roots in men’s skin care brands, with the launch of Lumin, a premium Korean skin care brand, using natural formulas.
Following Lumin’s exponential growth, Pangaea invested in a proprietary e-commerce platform, while expanding its brand portfolio with Meridian in 2020.
Hong and Gani intend to use the finances to execute Pangaea’s growth roadmap, which will see it enter new product categories, develop new brands and the potential licence of its e-commerce platform.
“We created Lumin and Meridian amidst a generational shift in men’s buying behaviour,” Gani said.
“It was clear that men were ready to elevate their routines, they just lacked options that made them feel empowered, knowledgeable and safe.
“It’s clear to us that by 2030, using skin care will be as common as brushing your teeth. We’re excited to be at the centre of this cultural change and believe Eurazeo can help us make Lumin and Meridian household names.”
Meanwhile, Jill Granoff, CEO of Brands at Eurazeo, added: “Richard and Darwish have launched a platform and products that address a significant need in an attractive, growing market.
“The team has achieved impressive results in a short period of time across geographies and categories, demonstrating strong product appeal to global consumers.”
She continued: “The company is well-positioned for future growth and we look forward to partnering with Pangaea to help its brands meet their full potential.”