With more than 500 million app downloads, Perfect Corporation is the leading beauty app developer. The company announced a Series A investment of $25 million led by China Creation Ventures and joined by Yuanta Asia Investment, Extol Capital, and CyberLink Corp.
WHO: With over 500 million app downloads globally, Perfect Corporation is dedicated to transforming how consumers, content creators, and beauty brands interact through their mobile app suite. YouCam Apps, including YouCam Makeup, YouCam Perfect, YouCam Fun, and YouCam Nails, enhance beauty lovers’ journey by offering users’ top trending selfie makeovers, instant skin diagnostics, one-touch selfie editing, and entertaining animated fun filters. The excitement around the potential for augmented reality (AR) and artificial intelligence (AI) to revolutionize how consumers try and buy beauty products has led to Perfect Corp. partnering with more than 150 global brands, including Estée Lauder, Yves Saint Laurent, L’Oréal Paris, MAC Cosmetics, QVC, and Macy’s.
China Creation Ventures (CCV) was founded by the former KPCB China Managing Partner, Wei Zhou. The fund focuses on early-stage and growth-stage companies in TMT industry in China, including Fintech, Chinese companies going overseas, technology innovation, big data, AI, and pan-entertainment related opportunities. In the past ten years, the team produced a 30%+ unicorn rate.
WHY: The financing will be used to continue the development of the business’ mobile app suite that uses AR and AI to transform how consumers interact with beauty products.
IN THEIR OWN WORDS: “In a little over two years, Perfect Corp. has developed a leadership position in the large, fast-growing and hugely competitive beauty industry,” Zhou Wei, Managing Partner of CCV, said in a press release. “What Alice and her team have achieved in such a short period of time is extraordinary, and our investment reflects the confidence we have that Perfect Corp.’s disruptive technologies will be instrumental in defining a new, better shopping experience for beauty enthusiasts.”
“We are thrilled to be working together with a great group of investors who share our vision of going beyond existing beauty industry models to bring a consumer experience that’s fresh and exciting,” said Alice H. Chang, CEO of Perfect Corp. “Capital investment will drive further development of the cutting-edge applications that have attracted the attention of leading beauty brands, retailers, makeup experts, and media outlets around the world.”
- Perfect Corp closed a Series A investment of $25 million led by China Creation Ventures and joined by Yuanta Asia Investment, Extol Capital, and CyberLink Corp.
- Last month the business hit the half a billion download benchmark.