World funding group Eurazeo invested $53 million in Pangaea Holdings for a minority funding within the Los Angeles e-commerce firm rooted in creating premium males’s private care manufacturers.
The funding is an element of a bigger $68 million spherical that features $15 million in Collection B funding from a bunch of backers together with Unilever Ventures and GPO Fund and present traders Base10 Companions and Gradient Ventures. This brings the corporate’s complete funds raised to $87 million for the reason that firm was based by Richard Hong and Darwish Gani in 2018.
Harlem Capital’s Henri Pierre-Jacques invested in each Pangaea’s seed spherical in 2019 and Collection A in 2020. He’s recognized Gani since school and labored with Hong over the previous two years, calling the pair “one of the data-driven and founder market suits I’ve seen.”
“On the seed stage, the enterprise was already a seven-figure enterprise and has continued to see astonishing progress,” he added. “Pangaea, thus far, has been a model incubator, however put up the Collection B will broaden to be a vertically built-in e-commerce platform for different manufacturers. We’re much more excited for this subsequent part of their progress.”
Hong began Pangaea with the launch of males’s skincare model Lumin that incorporates pure Korean-based formulations. The truth is, he was amongst a bunch of individuals dwelling collectively in an condo utilizing Korean magnificence merchandise and hiding it from their roommates, Gani advised TechCrunch.
Gani later joined Hong as a co-founder to scale the enterprise, as they realized there was an even bigger alternative for world e-commerce.
“Males are literally into skincare, however not as snug speaking about it,” Gani stated. “For Richard, he got here from a spot the place skincare was extra culturally accepted. His concept was to offer high-quality merchandise, however offered in a method that individuals can perceive their use and assist them to kind a behavior.”
Pangaea ended up growing proprietary infrastructure, together with warehousing, funds and delivery, as a holding firm to develop and scale direct-to-consumer manufacturers. It’s newest model, Meridian, providing grooming merchandise, launched in 2020. Merchandise are actually promoting in additional than 70 international locations.
Although headquartered in Los Angeles, the corporate is principally distant, with greater than 300 staff throughout its main hubs in LA, Lagos, Nigeria, Singapore and Europe.
The corporate is already money circulate optimistic, and the brand new funding will allow Pangaea to spherical out management roles in its manufacturers and attain the following stage of progress with the purpose of being “omnichannel male megabrands,” Gani stated. The corporate can be investing in extra product classes, new manufacturers and probably licensing its proprietary software program.
Gani stated he’s excited to work with Eurazeo, which he known as “specialists in constructing and scaling client manufacturers.” The agency will work with Pangaea to proceed growing the Lumin and Meridian manufacturers and speed up its worldwide enlargement.
Jill Granoff, Eurazeo’s managing companion and types CEO, stated in a written assertion that the corporate “is well-positioned for future progress.”
“Richard and Darwish have launched a platform and merchandise that tackle a major want in a pretty, rising market,” Granoff added. “The crew has achieved spectacular ends in a brief time frame throughout geographies and classes, demonstrating sturdy product enchantment to world shoppers. They’ve additionally constructed a extremely scalable expertise that may help future model improvement.”