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Stockholm-Based Skincare Start-up Mantle Lands £2.4 Million Investment

Published February 9, 2024
Published February 9, 2024
Mantle

Mantle, a Stockholm-based skincare brand known for its clean and clinical formulations landed a £2.4 million ($3 million) investment round led by British venture capital firm Venrex.

WHO: Mantle was founded by branding specialist Stina Lönnkvist and entrepreneur, Josefin Landgård, who previously co-founded digital healthcare unicorn Livi. Led by a team of 95% women, the brand is on a mission to transform how we view beauty. The brand's restorative formulas are crafted in a Swedish lab and combine biomimetic ingredients that are both clean and effective.

WHY: The fresh funding will be used to expand Mantle’s reach in Europe and the UK, where it has already gained traction, as well as launching in the US, Germany, and Netherlands this year. The company will also accelerate its research and product development in its own lab in Sweden. 

IN THEIR OWN WORDS: Josefin Landgård, CEO and co-founder at Mantle stated, “It feels fantastic to enter the year with Venrex as new shareholders. Its backing is a testament to the brilliant company that we have built so far, and the immense potential to grow from here. We started Mantle to change the narrative around beauty, empowering women to embrace life and the traces it leaves on our skin. We do this by providing innovative and world-class formulas rooted in science and feel honored to see our customers coming back to Mantle time and time again. With Venrex on board, we look forward to further expanding our footprint and bringing transformative formulations to more customers across Europe and in the US.”

Tom Fleming, founder and Partner at Venrex commented, “We are excited to join Mantle’s journey as new shareholders. Venrex looks to back exceptional founders who meet the needs of modern consumers in innovative and tech-forward ways. We have been impressed by the cult following Mantle has built in Scandinavia, driven by its relentless customer focus and its transformative approach to ingredient combinations and delivery. We are confident in Mantle's ability to build its customer base and business elsewhere in Europe, and beyond.”

DETAILS:

  • Mantle, a Stockholm-based skincare brand known for its clean and clinical formulations, landed a £2.4 million ($3 million) investment round led by British venture capital firm Venrex. 
  • This brings the company’s total funding to date to £6.9 million.
  • In 2023, the company claimed to have achieved over 80% year-on-year growth, driven by high retention from repeat purchases and new product launches. Recurring customers made purchases every six weeks on average.
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