Chinese personal care brand bags $23m in series B round

Liran, a men’s personal care brand, announced it has secured 150 million yuan (US$23.2 million) in a series B round led by M31 Capital and 5Y Capital (formerly known as Morningside Venture Capital).

Existing investors Susquehanna International Group (SIG) and Hupu, a sports commentary and news platform, also participated in the round.

Photo credit: Liran

Officially launched in January 2020, the Chinese brand provides products catered to men covering skincare, body wash, hair care, body fragrance, and makeup, among others.

The company claims that it has recorded nearly 100 million yuan (US$15.4 million) in gross merchandise volume from distribution channels such as JD.com and Alibaba’s Taobao.

Prior to the latest investment, the firm recorded three funding rounds last year. It raised a pre-series A round in January, followed by a series A round from Redpoint China Ventures and SIG. In September, it also bagged series A+ money from Hupu, according to the corporate data platform Tianyancha.

The size of the global men’s personal care market is anticipated to reach US$75.8 billion by 2027, increasing by a compound annual growth rate of 6% from 2020, according to a report by Grand View Research.

In the US, wellness brand Hims, which was founded in 2017, helps men get access to products for skincare, erectile dysfunction, and hair loss. It just went public with a US$1.6 billion valuation through a reverse merger deal with a special purpose acquisition company.

Currency converted from Chinese yuan to US dollar: US$1 = 6.46 yuan.