The 34-year-old brand was founded by Amornthep Derojanawong in Thailand, but entered the Chinese beauty market in 2016 and is now headquartered in Shenzhen.
The Series A round of financing, led by Cathay Capital, was joined by Shanghai-based equity firm EverYi Capital. Mistine says the funds will enable it to further develop and strengthen its R&D and supply-chain capabilities together with team building.
Besides Mistine’s online presence on major Chinese e-commerce platforms, the brand has also ventured into offline channels through partnerships with retail brands, including Watsons, KKC and Sanfu, spanning more than 6,000 points-of-sale.
“The rapid development of Mistine in China in the past two years has benefited from the founding team’s deep understanding of the beauty and skincare track and rich experience in trading, localised operation team and 30 years of accumulated experience,” said Ma Jun, partner at Cathay Capital.
The company said it plans to further deepen its omnichannel operational capabilities and incubate new brands.
It was only a few years ago that Chinese beauty brands had trouble convincing consumers at home they were a viable alternative to global giants. Now, having won over their home country, these C-Beauty unicorns are now on the hunt for international sales.