The Business Times reported L Catterton has backed another Chinese company, this time making a minority investment in the parent company of domestic makeup brand Blankme.

WHO: Founded in 2016 by Yang Boya, who previously served as the Investment Director at DeTong Capital, Blankme currently offers about a dozen products on its Tmall flagship store, including makeup essentials like foundation, primer, concealer, and tools.

The investment was made from L Catterton's first RMB fund established in Chengdu in October 2022, with a target size of 2 billion yuan. The fund focuses on early-stage consumer investments in eight subsectors, including overseas expansion, beauty and personal care, and healthcare.

DETAILS:

• L Catterton’s inaugural RMB fund, L Catterton RMB Fund I (Chengdu) Equity Investment Enterprise, acquired a 10.18% stake in Shanghai Yongxi Information Technology Co., Ltd., the parent company of Blankme, becoming its third-largest shareholder, as reported by The Business Times. 
• According to Tianyancha, the brand underwent two rounds of financing in March 2020 and January 2023, with investors including Zhongyuan Capital, Shangcheng Investment, and Xinshi Xiang.