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.”
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