Althea the top Korean beauty commerce company in South East Asia has been successful in securing an investment from 500Startups, which is among the best known Silicon Valley venture capitals. Although the company was only launched in April this year, they successfully secured an early stage investment with Bon Angels in May. Five months down the track, they have caught the eye of Silicon Valley’s 500Startups with a new investment.
Key members of this Korean startup include: Kim Dae Ob previously from Ticket Monster and Living Social; Shin Song Yoon co-founder of Ticket Monster; and Kim Jae Yoon with past experience in a US business investment company. Currently Althea globally quickest development South East Asia market leading product Korean beauty products quickly and cost effectively market
Althea with market leading Korean beauty products provided cost quickly and cost effectively, has experienced the rapid development in South East Asia. Althea currently services Singapore and Malaysia. Through the new investment the company is planning expansion into other SE Asia countries including Thailand, Indonesia, Vietnam and Philippines.
Khailee Ng, a managing partner of 500Startups commented “Recently in Asia, Korean beauty branding has established itself as the most effective business item”. “By laying down the extraordinary experiences of the founding members as a foundation, we are hopeful of expanding quickly to other South East Asian countries”.
Kim Eun Hae who was instrumental in the investment said, “Electronic payment for online shopping in the last 3 months recorded 48% in Korea, 51% in Thailand and 47% in Indonesia”. “The trend for Korean products in South East Asia is expected to experience further growths”.
Althea’s Kang Dae Ob commented that, “Korean beauty products have already exceeded the Japanese products and is experiencing large global demands. We wish to develop into a global dynamic style brand and away from a simple cosmetic commerce business”.
Growth trends records from Hi-Ib between 2009 to end of 2014 shows demand for Korean beauty products grew by 33.8%, Japan by 4%. And Europe by 5.3%. From such metrics, the Korean beauty products market has recorded tremendous growths.