Hi!Papa, a rapidly growing personal care company focused on 3- to 12-year-old children in China has completed a Series A+ fundraise led by L Catterton.
WHO: Hi!Papa is a personal care company founded in China in 2019 that focuses on meeting the skincare needs of school-age children in the country. Committed to providing safe, gentle, and efficacious personal care solutions, it develops its products using an iterative process involving not only its in-house team of researchers but also partner universities and laboratories, taking consumers' input and feedback into account.
L Catterton is a market-leading consumer-focused investment firm, managing approximately $34 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Founded in 1989, the firm has made over 250 investments in some of the world's most iconic consumer brands. Current beauty portfolio: Honest Company (2018), Vitamin Pack (2018), Pibiplast (2018), Etvos (2020), Public Goods (2020), Function of Beauty (2020), CI Flavors (2021), Beauty Industry Group (2021), Bellami Hair (2022), RescueMD (2022), DIBS Beauty (2023), Irene Forte (2023), GlossGenius (2023), Eight Day (2023).
WHY: This funding positions Hi!Papa to scale in the country's fast-expanding personal care for kids market propelled by secular tailwinds such as young mothers' increasing application of their personal care habits to their children.
IN THEIR OWN WORDS: "Hi!Papa is committed to providing school-age kids in China with safe, gentle, and effective skincare solutions that meet their unique needs," commented Hi!Papa founder and CEO Jiangsheng Xuyu. "There are many water-centric skincare products for babies and toddlers, as well as many anti-acne ones targeted at adolescents, but almost none specially formulated for children aged 3 to 12. We have made significant headway since our establishment just four years ago and are excited about the road ahead as we leverage L Catterton's operating capabilities to continue building our brand, broadening our product suite, and augmenting our distribution network."
Scott Chen, a managing partner in the RMB fund of L Catterton, added, "Having made more than 30 investments in the global personal care space, we have seen demand for products which specially meet children's skincare needs arise in other markets as they mature, and are not surprised that this arc is now unfolding in China too. Hi!Papa has likewise identified this market opportunity and methodically developed products that resonate with its target consumers, enabling it to not only capture white space, but also engender strong brand equity and win long-term customer loyalty. Its many achievements since its founding have been remarkable and we believe that it is poised for further success."
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