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Olive International Secures KRW 10 Billion in Series B Funding for Cluster Commerce Growth

2023-11-30 < 1 min read

Olive International Secures KRW 10 Billion in Series B Funding for Cluster Commerce Growth

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Korean beauty brand Olive International, a proponent of cluster commerce based in Korea, has secured a substantial KRW 10 billion Series B investment. This funding round includes participation from IMM Investment and Primer Sazze Partners.

With the successful attraction of significant investment, Olive International’s beauty brands such as ‘Milk Touch’ and ‘Sungboon Editor’ have gained recognition for their corporate value and future growth potential in both domestic and international markets.

Olive International, a company aiming to be a consumer goods enterprise based on cluster commerce, has experienced rapid growth since its establishment in 2019, increasing from KRW 12.6 billion in 2020 to KRW 41.2 billion in 2022. In the first half of this year, total sales reached KRW 27 billion, marking a growth of approximately 50% compared to the same period last year. Overseas sales achieved around KRW 7 billion, reflecting a growth of 230%. 

Currently, the company operates six beauty brands, including ‘Milk Touch,’ ‘Sungboon Editor,’ ‘BProject,’ and ‘Mommy Care,’ along with lifestyle brands Clean Shop and Namu Factory.

Jinho Lee, CEO of Olive International, expressed, “This year has been significant, with stable growth in the domestic market and noteworthy achievements in actively exploring international markets. We plan to make proactive investments to expand our customer base for our brands, not only in Asia but also in the Americas and Europe.”

[Korean BeautyTech Startup News]

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