UK-based online retailer CurrentBody received a £5MM growth capital minority investment led by NVM Private Equity (NVM).
WHO: CurrentBody was founded in 2009 by Laurence Newman and Andrew Showman combining their backgrounds in medical devices and ecommerce. The concept for the website is geared solely towards technology of health and well-being. The retailer is home to the biggest brands in beauty devices including L’Oréal’s market-leading Clarisonic, NuFACE, SmoothSkin, Tria, Wellbox, Iluminage, and FOREO.
WHY: This investment will help support the retailer’s next phase of expansion, allow the acceleration of strategic initiatives, and support working capital requirements.
IN THEIR OWN WORDS: Co-founder and CEO of CurrentBody, Laurence Newman, said: “Our partnership with NVM is a significant step in developing our unique product offering internationally whilst continuing UK growth. The team at NVM shared our vision and most importantly immediately understood the market opportunity of a pure-play beauty technology platform, making them an ideal cultural fit.
“Working with NVM will accelerate our ambition to provide the largest selection of clinically proven, at-home health and beauty technology in the world. Exceptional product knowledge in this niche area of beauty and excellent customer care from our team has been so important to our success so far. NVM’s support will further ensure that those high levels remain as we expand.”
Liam May, investment manager of NVM Private Equity, said: “CURRENTBODY has enjoyed exceptional growth over the past few years, driven by an energetic and ambitious management team with a deep understanding of the beauty market. We are excited to support the company’s next phase of growth, establishing itself as the market leading e-commerce platform for beauty devices in the UK and across the globe.”
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