E-commerce beauty startup raises additional US$40 million

iDS BUYBUYBUY, a beauty and health-care e-commerce startup, announced on Tuesday that it has raised US$40 million in the B+ series financing as it continues to beef up its overseas businesses.

The company offers global beauty brands to China's Gen-Z shoppers.

“The new financing series will help iDS BUYBUYBUY continuously develop valuable business relationships in the global beauty and health-care industry, scale up its overseas business development team and participate in the integration and renovation of the global supply chain and professional brand resources more thoroughly,” said Hugo Yu, founder of iDS BUYBUYBUY and former executive editor-in-chief of BAZAAR China.

China is the second-largest market for the beauty and health-care industry, with huge growth potential in per capita consumption. However, the biggest challenge for both global giants and new local brands is to communicate and connect their products with Chinese Gen-Z customers.

Herry Han, founding partner of VC fund Lightspeed China which led the investments in the startup’s Series A financing and keeps on its investment, said that “as one of the early investors of iDS BUYBUYBUY, we are very optimistic about the company's further growth. We also expect it can bring more high-quality global brands to Chinese female consumers."

Established in 2017, iDS BUYBUYBUY has grown into a high-end e-commerce store targeting women customers with overseas niche brands.