Singapore’s Allies of Skin has raised $20 million for a US expansion, while agritech startup Peptobiotics has secured $6.2 million in Series A funding.
Allies of Skin raises $20m for US expansion
Singapore-headquartered beauty product company Allies of Skin has reportedly raised $20 million from US-based Meaningful Partners to expand into the Western country.
Allies of Skin founder Nicolas Travis said the company had reached EBITDA profitability last year, but this would be affected as the company “works on scaling in the US via paid media and influencers”, Tech in Asia reported.
The company has a firm plan to reach financial sustainability and has already sold eight figures worth of products in the US, Travis was quoted as saying.
In a statement last month, the firm also said it will be looking to build a team in the US.
This is Allies of Skin’s first institutional raise. Founded in Singapore in 2016, the line has also received private investments, notably from “Crazy Rich Asians” actor Henry Golding.
Aside from Singapore, it also has offices in Berlin and Bangkok. Its products are reportedly available in 36 countries across 40 retail partners such as Space NK, Mecca, Sephora, and Cult Beauty.
Peptobiotics bags $6.2m in Series A Funding
Singapore-based agritech company Peptobiotics has reportedly completed an oversubscribed Series A funding round, raising $6.2 million.
Business Times reported on Tuesday that the round was led by Hatch Blue, an investment, consulting, and media company focused on aquaculture, using funds from its new $81-million Blue Revolution Fund.
New investors in this round include Seeds Capital, the investment arm of Enterprise Singapore; French equity investor Seventure Partners; Australian agribusiness GrainCorp Ventures; and Brazilian agriculture medicine company Farmabase.
Existing investors such as Trendlines Agrifood Fund, Ponderosa Ventures, and The Yield Lab Asia Pacific also participated, showing continued support for the company.
