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Memebox, the SF-based beauty service that offers discounted Korean beauty products wrapped in cute packaging, has 29 million reasons to smile this week. The company announced yesterday that it has raised $29 million from a slew of big name investors including Yahoo cofounder Jerry Yang and Facebook antagonists Winklevoss Capital, Forbes reports.
While most of Memebox's business is currently coming from South Korea —one of the biggest-spending countries in the beauty market— the brand wants to use the money to aggressively court consumers in the US and China. Memebox co-founder and CEO "Dino" Ha Hyungseok tells Forbes, "We want to build Memebox into a global brand. Beauty in Korea is massive and we want to take it everywhere."
Forbes notes that most beauty companies don't set their sights on global domination so soon. Then again, most three-year-old beauty companies aren't valued at $100 million.