A founder-led skincare retailer that manufactures and distributes its own products has received a minority investment from the Australian Business Growth Fund (ABGF), which will help unlock the next phase of growth for INSKIN COSMEDICS and bolster expansion into international markets.
ABGF declined to reveal the exact amount invested, but a spokesperson noted the fund's initial investments tend to range between $5 million and $15 million, with more than $140 million deployed since inception.
The latest announcement represents the fund's first investment in a female-led business, which has become a multimillion-dollar operation since it was founded in 2007 by its CEO Maria Enna-Cocciolone.
The founder identified a gap in the market for products that sit between lower-strength ‘cosmeceuticals’ and medical-grade prescription-only skincare, launching her own brand O Cosmedics, followed by a second brand, GINGER&ME.
The company has a product development and manufacturing facility based in Sydney, and its own brands and third-party products distributed to thousands of skincare clinics throughout Australia, New Zealand and Canada, which is done via certified and experienced skin experts.
ABGF, a leading purpose-built growth capital fund dedicated to the SME sector with $500 million of capital to deploy, notes INSKIN is now Australia's largest vertically integrated skincare company.
"Our investment into INSKIN COSMEDICS signifies an affirmation of INSKIN’s commitment to quality, efficacy and innovation in skincare," says ABGF co-head of investments, Ghazaleh Lyari.
"It aligns with ABGF’s track record of backing Australian entrepreneurs, disruptors of industry and growth-oriented businesses.
"The skincare industry is crowded, but Maria has established herself as a true pioneer of the industry and carved out her niche in what she has coined as the ‘Cosmedical’ category. The medicalisation of skincare is here to stay, and we see it becoming a fast-growing section of the market."
Enna-Cocciolone says she is excited to continue the journey of skincare innovation, setting new standards for authenticity and effectiveness.
"We have big dreams. To realise these, we need a partner who can organise our thinking, evaluate opportunities, and support us in executing the expansion plan," she says.
"I instantly felt a connection with the ABGF team, they were engaged in our story and interested in our vision – and I am excited to have a female-led team to partner with. I feel confident we will continue to grow with next level heart, passion and market share."
ABGF will take a seat on INSKIN’s board and be an active advisor and strategic growth partner.
INSKIN COSMEDICS’ relationship bank, National Australia Bank (ASX: NAB), is a founding shareholder of ABGF.
NAB executive for specialised industries, Brett Moore, says as Australia’s largest business bank, NAB is proud to be supporting small and medium businesses with access to long-term growth capital through ABGF.
“We’re firmly committed to investing in great Australian companies, and we’re thrilled to be supporting INSKIN COSMEDICS so the team can scale and grow the company and become a real player in the global skincare space,” Moore says.
“The Australian Business Growth Fund is a fantastic option for small and medium businesses that require additional funds to support their next stage of growth.”
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