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FRANK BODY LANDS FUNDING FROM EVERYI CAPITAL

April 30, 2021
April 30, 2021
Frank Body

Australian beauty and personal care brand Frank Body closed a funding round with China-based private equity firm EverYi Capital, valuing the business at $100 million AUD ($78 million).

WHO: Founded in 2013 in Australia with five friends, $5,000, and ingredients you could find in your kitchen, Frank Body’s vision is to make every babe feel great. Frank Body creates clean, cruelty-free body, skin, and haircare that is affordable, accessible, and effective.

WHY: The funding will expand Frank Body’s Asian footprint over the next three years and will include building a localized team in Shanghai, developing go-to market strategies, and supporting a partnership with Australian retailer Mecca, who recently entered the region through Tmall.

IN THEIR OWN WORDS: Frank Body co-founder and CEO Steve Rowley said, “We’re delighted to welcome EverYi Capital to Frank Body. This partnership is an important next step in our globally present, locally relevant strategy, enabling us to bring our accessible, affordable and effective clean beauty and personal care products to an important audience. Having a local operational partner gives us insight and support to grow in what we anticipate will be one of our core future markets. EverYi Capital shares both our passion for the consumer and our values around clean, accessible beauty and personal care products.”

EverYi Capital Managing Partner Susan Shui-Shien Lin said, “Frank Body’s clean, coffee-based beauty and personal care products and authentic Australian brand identity are known in China and we expect the brand to resonate well with millennials and Gen Z, who are looking for quality and uniqueness. The body care category in China is a relatively untapped market in relation to affordable, premium brands. We believe Frank Body’s expansion in China will benefit from this opportunity and we are excited to support the business in this next phase.”

DETAILS:

  • Frank Body has completed an investment round with China-based private equity firm EverYi Capital. The closed investment round, valuing the brand in the vicinity of $100 million AUD ($78 million), was completed ahead of a US targeted Series B, slated for 2021.
  • Frank Body is independently owned and operated, with co-founders Steve Rowley, Bree Johnson, Jess Hatzis, and Alex Boffa retaining their controlling interest.
  • EverYi Capital Managing Partner Susan Shui-Shien Lin will join the Frank Body co-founders and Unilever Ventures on the board. Frank Body mandated that its board will always be led by a minimum of 50% female representation.
  • The US represents the brand’s largest share of business, with approximately 50% of 2020 fiscal year revenue generated from North America through direct-to-consumer sales and retail partnerships including Ulta, Target, and Urban Outfitters. Earlier this year, Frank Body also launched into 350 Boots doors in the UK.
  • Manufacturing and innovation of Frank Body products will continue from Australia and the US.
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