Beiersdorf participates in a 5 million USD Series B funding round by the LYCL Inc., thus strengthening its existing engagement in the Korean skin care and tech start up. The investment shows Beiersdorf’s commitment to the LYCL digital business model, its growth plan and the joint value of the collaboration. Co-investor is LOTTE Corporation, a South Korean multinational conglomerate.
“We are happy to continue supporting LYCL on its rapid growth path,” says Ascan Voswinckel, Head of OSCAR&PAUL Beiersdorf Venture Capital. “This decision is in line with our overall strategy of building long term partnerships to drive innovation in the skin care industry.” Beiersdorf first invested in LYCL Inc. in December last year after the start-up had participated in the company’s own accelerator program “NX NIVEA” in Korea since April 2019. The funding round itself as well as Beiersdorf’s investment shows the ongoing success of the NX NIVEA Accelerator.
“This case proves how NX adds value to startups during their entire lifecycle. We will continue working with LYCL on several co-innovation projects as alumni of NX,” says Endrik Hasemann, General Manager Beiersdorf South Korea.
“We are thankful for the contribution as well as the valuable collaboration from an early stage onwards with NX,” says Jeon Jihoon, founder and CEO of LYCL. “This follow-on investment shows the continuing commitment of Beiersdorf and the company’s confidence in our plan for success on a larger scale, especially beyond Korea,” he adds.