Sino-Thai beauty brand Mistine announced on 23rd March that the company successfully raised more than 200 million yuan (US$31 million) in a Series A funding round led by Cathay Capital followed by Shanghai-based equity firm EverYi Capital. The beauty brand will use the capital to further develop and strengthen its R&D and supply-chain capabilities and acquire new talent.
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Founded in 1988 by Amornthep Derojanawong in Thailand, Mistine entered the Chinese beauty market in 2016. Now headquartered in Shenzhen, China, Mistine brings Thai beauty products to China’s younger generation. Its products include product sunscreen, liquid foundation and mascara among others.
In addition to its online presence on major Chinese e-commerce platforms, the brand has also ventured into offline channels through partnerships with retailers such as Watsons, KKC and Sanfu, spanning more than 6,000 points-of-sale.
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The company plans to further enhance its omnichannel operational capabilities and incubate new brands.