Lycl Inc, the operator of Korea’s leading beauty SNS Unpa has confirmed receiving an investment worth US $1.2m (KRW 1.4b) from Partners Investment. The company has been consecutively selected as a leading medium corporation by the Department of Future Creative Science R&D. This investment has allowed Lycl Inc to secure capital position totaling US$1.7m (KRW 2b) which will allow upgrades to domestic services, provide operational stability and create a foundation for the future.
The service provided by Unpa allows ordinary users to provide a truthful review of the cosmetic products. This is supplemented with beauty tips to provide fast cosmetic focused information which has changed the concept in which existing power blogs deliver information. The app has been chosen in Google’s top app for 2014 and is the only beauty app to feature in this list. In 2015, the app has recorded more than 1 million downloads as well as more than 50 million monthly page views.
Jeon Ji Hoon from Lycl Inc said, “We will focus our efforts on creating a beauty information service that users can trust. Through this investment, we will refine our search algorithm as well as develop a system for personal requests. Using the launched services in China, we wish to expand and develop the services into Asia’s leading k-beauty platform”.
Partners Investment director, Lim Bum Seok commented, “Unpa have applied technology to provide a paradigm solution to the problems that have plagued blogs for the last decade. The platform has created a beauty content ecosystem which has engaged voluntary communication between customers and top brands including Amore Pacific, LG Life Health, Estee Lauder and other top brands. This sort of interaction demonstrates the potential the app has for vertical integration and the voluntary involvement of top cosmetic brands has influenced our support for this investment”.
Actions supporting the planned upgrades are under way with advertisements for web development already on Wanted.
* Please check out more about new tech products from Korea at "beginning" system.