China Digest: Cathay invests $53m in geoskincare; Shunwei backs Amiro
November 18, 2020
Cathay Capital invests $53m in New Zealand’s geoskincare
Eight months after raising equity financing from China’s Skycus Capital, New Zealand’s skincare brand geoskincare said it has pocketed 350 million yuan ($53 million) in a Series E round funding exclusively from Chinese cross-border private equity firm Cathay Capital.
Geoskincare will leverage the proceeds to support the development of new product innovation, sales and marketing management, and international extension, the investor said on WeChat.
The brand, which was set up in 2000 and forayed into the Chinese market in 2014, produces natural skincare products including thermal water, BB cream, and mask. Aside from offline channels, it has created an online network through channels such as JD.COM. In addition, it also partners with social media giant TikTok and online ordering platform Eleme.
Geoskincare has ramped up efforts for market expansion, including in Germany, Singapore, Malaysia, India, Philippines, Indonesia, Vietnam, Japan and Taiwan.
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