CurrentBody plots global expansion as funding reaches £10m
Online beauty device retailer CurrentBody has taken its funding to £10 million after BGF joined NVM Private Equity in backing the Manchester business.
The investment announcement comes as the company completed its strongest year to date, going live with its 11th international site and launching on Tmall in China.
It also launched its first London store in House of Fraser, Oxford Street, and signed a joint venture in China with Thakral, one of the biggest distributors in Asia.
Following five years of rapid growth, with revenues doubling year-on-year, the business has now secured total growth capital funding of £10m.
Co-founded by Laurence Newman and Andrew Showman, CurrentBody’s product range includes anti-ageing and acne treatment devices, facial cleansers, and hair removal devices, incorporating clinically-proven technologies as they found a niche in providing professional results at home.
“These are exciting times for CurrentBody as we enter this next stage of our growth,” said Newman.
“We’ve rapidly built our business to supply the largest selection of safe, clinically-proven electrical health and beauty products in the world.
“From a complete start-up, we are now strategic partners with many top brands, testament to the hard work and ambition of a fantastic team.”
The investment from BGF and NVM will be used to grow CurrentBody’s team and operations, enter further territories globally and secure new partnerships and stock opportunities across the world.
Matt Widdall, an investor at BGF, the UK and Ireland’s most active investor in growing businesses, said: “CurrentBody is an exceptional business, globally recognised as a specialist market leader for at-home beauty devices.
“It has driven impressive product sales for its brand suppliers to consumers across the world, often chosen and trusted for its ability to effectively communicate new technology to customers and provide them with exceptional service.
“We are delighted to be joining Laurence, Andrew and the team as a long-term investment partner, supporting CurrentBody’s vision for this exciting next step.”
NVM investment director Liam May commented: “Since our original investment we have seen first-hand the knowledge and passion Laurence and Andrew bring to the business.
“The company has performed exceptionally, generating strong revenue growth and delivering against an ambitious international expansion plan; we are delighted to continue to support the business as it goes from strength to strength.”