CurrentBody, the online retail specialist for home-use beauty devices, is set to enter new international markets and grow its team after reaching £10m in funding.
The business, which sells a range of beauty products including anti-ageing and acne treatment devices, facial cleansers, and hair removal devices, has been backed by BGF and NVM Private Equity.
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.
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, its 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, the pair found a niche in providing professional beauty products at home.
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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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NVM investment director, Liam May, said: “Since our original investment we have seen first-hand the knowledge and passion Laurence and Andrew bring to the business.
“The company has performed exceptionally, generating strong revenue growth and delivering against an ambitious international expansion plan; we are delighted to continue to support the business as it goes from strength to strength.”
The investment was led for BGF by Matt Widdall, Paul Dolyniuk and Spencer Woods.
The investment was led for NVM by Liam May and Alex Wilson.
The advisors to the transaction were:
For BGF: Jon Gillow and James Redshaw (Hill Dickinson - legal), Matt Hodgson (Claritas – tax), Dean Maskell (Quayside Digital), Stuart Allsopp (IT) and Olly Garlands (FDD)
For NVM: Tim Hamilton and Arshnoor Amershi (Pannone Corporate – Legal)
For CurrentBody: Anna Whetham (Pinsent Masons)