World expenditure team Eurazeo invested $53 million in Pangaea Holdings for a minority expense in the Los Angeles e-commerce business rooted in generating premium men’s personal treatment manufacturers.
The financial investment is part of a greater $68 million spherical that features $15 million in Series B funding from a group of backers which include Unilever Ventures and GPO Fund and existing investors Base10 Partners and Gradient Ventures. This brings the company’s total resources elevated to $87 million given that the enterprise was launched by Richard Hong and Darwish Gani in 2018.
Harlem Capital’s Henri Pierre-Jacques invested in each Pangaea’s seed spherical in 2019 and Sequence A in 2020. He’s known Gani since school and worked with Hong more than the past two many years, contacting the pair “one of the most details-driven and founder market place suits I have witnessed.”
“At the seed phase, the enterprise was presently a 7-determine small business and has ongoing to see astonishing development,” he included. “Pangaea, to day, has been a model incubator, but submit the Series B will increase to be a vertically integrated e-commerce system for other models. We are even extra enthusiastic for this following phase of their growth.”
Hong started off Pangaea with the launch of men’s skincare model Lumin that includes all-natural Korean-based formulations. In simple fact, he was among a group of persons residing collectively in an apartment using Korean natural beauty goods and hiding it from their roommates, Gani told TechCrunch.
Gani later on joined Hong as a co-founder to scale the enterprise, as they understood there was a greater possibility for global e-commerce.
“Men are truly into skincare, but not as cozy chatting about it,” Gani stated. “For Richard, he came from a put wherever skincare was far more culturally approved. His concept was to present higher-quality products, but introduced in a way that folks can fully grasp their use and support them to form a behavior.”
Pangaea ended up creating proprietary infrastructure, together with warehousing, payments and shipping and delivery, as a keeping business to mature and scale direct-to-consumer models. It’s most current manufacturer, Meridian, featuring grooming merchandise, introduced in 2020. Goods are now advertising in much more than 70 nations.
Although headquartered in Los Angeles, the firm is essentially distant, with extra than 300 staff throughout its important hubs in LA, Lagos, Nigeria, Singapore and Europe.
The business is by now money circulation optimistic, and the new funding will enable Pangaea to spherical out leadership roles in its makes and get to the following stage of development with the target of getting “omnichannel male megabrands,” Gani reported. The business is also investing in extra product or service groups, new makes and potentially licensing its proprietary computer software.
Gani reported he is excited to function with Eurazeo, which he referred to as “experts in developing and scaling consumer brand names.” The company will work with Pangaea to continue establishing the Lumin and Meridian models and speed up its global enlargement.
Jill Granoff, Eurazeo’s taking care of husband or wife and manufacturers CEO, said in a penned assertion that the corporation “is nicely-positioned for long run advancement.”
“Richard and Darwish have released a platform and solutions that deal with a major need in an attractive, growing marketplace,” Granoff extra. “The group has reached spectacular results in a quick period of time of time throughout geographies and categories, demonstrating powerful product charm to worldwide consumers. They have also developed a hugely scalable technological know-how that can support long term model enhancement.”