EBITA-profitable Allies of Skin raises $20m for US expansion

Photo credit: Allies of Skin LinkedIn page

Singapore-based beauty brand Allies of Skin is set to expand into the US after raising a US$20 million funding round from Meaningful Partners.

This follows the company hitting positive EBITA in 2023, its founder Nicolas Travis told Tech in Asia. Allies of Skin, founded in 2016, said the round is its first institutional raise, but it has received private investments in the past – including capital from Crazy Rich Asians star Henry Golding.

The US currently has the largest beauty and personal care market worldwide, with the industry expected to generate US$130 billion in revenue by 2030 from the country alone.

Numerous Singaporean brands like Skin Inc and Re:erth have extended their reach to capture their share of the market. On a volume basis, over 65% of Skin Inc’s products, including those in beauty boxes, are sold in the US.

While Allies of Skin hit EBITA profitability last year, “as we work on scaling on the US via paid media and influencers, we will see that being affected,” noted Travis. However, the company said that it has a “solid plan” to build a financially sustainable business.

The firm added that its expansion in the US will be carried out through listings on digital and retail platforms in the country.

Allies of Skin offers products that use clinically proven ingredients such as retinoids, vitamin C, acids, and antioxidants. It sells a range of offerings including moisturizers, serums, cleansers, toners, and face oils.

Travis said Allies of Skin has already sold eight-figures worth of products in the US and has a strong product lineup ready for the Western market.

Allies of Skin is available in 36 countries, with its products being carried by 40 retail partners, including Space NK, Mecca, Sephora, and Cult Beauty.

See also: Blending skincare, AI, and tech: Skin Inc charts path to US growth and a Nasdaq IPO