eComplete, a new venture capital firm, took a majority stake in UK-based CurrentBody, an online retailer of beauty devices.
WHO: Founded in 2009 by Laurence Newman and Andrew Showman, Manchester, UK-based CurrentBody fills the white space of providing beauty tech and LED technology to consumers as alternatives to salon treatments. The company has 17 websites globally, including in Germany, France, Spain, Australia, and America. It also expanded into physical retail with a London store in House of Fraser, Oxford Street, and signed a joint venture in China with Thakral, one of the biggest distributors in Asia. The company has also developed its own range of branded devices.
eComplete is a talent-led and data-driven e-commerce investor and growth agency founded in November 2020 by former The Hut Group (THG) executives Paul Gedman, former CEO of THG's luxury beauty division, and Andy Duckworth, former Chief Executive of THG subsidiary Myprotein.
IN THEIR OWN WORDS: Laurence Newman, CEO and co-founder of CurrentBody, said: "Whilst we have benefitted from previous rounds of growth capital which helped introduce our own products and further develop brand partnerships, the opportunity to work with Paul, Andy and their team to drive international growth is what makes this so exciting."
Duckworth added: "As I saw with Myprotein, establishing a pure-play in a particular niche—especially in health, wellness and beauty—can be very powerful. CurrentBody now have their own brand of devices too and a pipeline of technology for the next stage of growth."
- eComplete made a £50 million investment for a majority stake in CurrentBody.
- Sales soared as a result of the pandemic, with key categories like home-use LED technology growing by 150% in the last 12 months.
- This year the business is on track for sales of £42.5 million, forecast to reach £100 million within the next two years.
- In 2019, CurrentBody landed £10 million in funding from BGF and NVM Private Equity.
- In 2018, the company secured £5 million growth capital investment from NVM.
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