CurrentBody reaches £10m of funding from BGF and NVM
CurrentBody, the online retail specialist for home-use beauty devices, has now reached £10m in funding with BGF this week joining NVM Private Equity in backing the Manchester-based 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.
Now the world’s largest supplier of beauty devices, CurrentBody’s brand partnerships include market-leading brands such as Tripollar, NuFACE and Smoothskin. It has also recently been named as a global strategic partner for L’Oreal’s Clarisonic range, the best-selling skin cleansing solution using sonic technology. Following five years of rapid growth, with revenues doubling year-on-year, the business has now secured total growth capital funding of £10m.
CurrentBody has built 11 own language websites globally, including Germany, France, Spain and most recently, Australia and America. 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.
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. This market has grown substantially over the last five years with CurrentBody at the forefront. Kline reports it is now a $2bn sector in the beauty market, as the interest in the technology side of anti-ageing continues to advance.
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.
Laurence Newman, co-founder and CEO of CurrentBody, said: “These are exciting times for CurrentBody as we enter this next stage of our growth. 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.
“We’re delighted to have BGF and NVM join us for the journey. Now that we are a truly international business, our plans for the next few years are to grow our product range and expand our partnerships, whilst remaining true to our founding mission of providing exceptional product knowledge and excellent customer care.”
Matt Widdall, an investor at BGF, 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.”
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