Cosmetic ecommerce startup B2Link in Korea has secured a US$4.3m (KRW 5b) investment from PEF; a joint organization formed by IBK Industry Bank and SK Securities. This new investment adds to the US$4.6m (KRW 5.3b) investment last year by KB Network, DSC Investment and DR Capital to bring the total investment to US$8.9m (KRW 10.3b).
After co-founding Memebox, Lee Jae Ho founded B2Link to distribute Korean beauty and baby products to China and South East Asia. The company also services mobile commerce platform Xinglala and distribution system ‘E-SCM’ with more than 140 items from various Korean suppliers.
Recently, B2Link signed an agreement with Watson, China’s largest offline health and beauty store to supply over 1,800 Korean cosmetic products within three years.
B2Link target revenue is US$86m (KRW 100b) which they plan to achieve through new investment that expand offline channels and development of new commerce technologies. Their plan is to become Asia’s leading ecommerce and distributor of Korean cosmetic products and other Korean products.
Lee Jae Ho from B2Link commented, “To follow on from last years investment with another successful investment is a reflection on the company's potential for growth. With recognized e-commerce platform and in demand Korean products, we plan to strengthen our presence in Asia".
Park Hyuk Jin, B2Links Financial TEam Leader commented, "We plan to utilize IBK and SK financial support not simply to increase revenue but to implement a big picture plan for the company".
A representative from IBK commented, "B2Link's ability to grow in the Chinese market appealed to us the most. Our future support for the company will be focused on stabilizing the company and development of new technologies".