First Cover, a Chinese beauty brand that specializes in foundation products, landed an investment from Cathay Consumer Co-Creation Fund.WHO: Shanghai-based First Cover was founded by Wang Yuying in late 2024, positioned as China's first functional foundation brand adopting the idea of the body-sculpting garment for the face—breaking the boundaries between traditional makeup and skincare. The formulations integrate the performance benefits of firming and lifting with the emotional value of healing energy featuring plant-based extracts that are typically found in skincare, such as Acmella oleracea and Avena sativa. First Cover has four products: foundation, concealer, hydrating serum, and the hero Cozy Lifting Foundation aka “shapewear” foundation.Established in 2021, the Cathay Consumer Co-Creation Fund was established in partnership with global industry leaders Kering, L’Oréal, and Pernod Ricard. The joint fund focuses on Seed to Series A investments and incubates early-stage Chinese companies with high-growth potential in the consumer goods and retail sectors. WHY: The transaction marks Cathay Consumer Co-Creation Fund's first foray into the color cosmetics category, highlighting increasing investor attention towards the trend of skincare-infused makeup.IN THEIR OWN WORDS: "The investment in First Cover was an internal decision by the fund," a representative from Cathay Capital told Chaileedo. "A dedicated colleague is handling the deal, but we cannot disclose further details.”DETAILS:First Cover landed investment from Cathay Consumer Co-Creation Fund. Financial terms of the deal were not disclosed.