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Angel Investor (Group)
kiteef.or.kr

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Investments

22

About KITE Entrepreneurship Foundation

KITE Entrepreneurship Foundation is a privately funded angel investment foundation that identifies, invests and nurtures tech-focused startup teams with a mission to build a supportive environment for entrepreneurs who in return supports other entrepreneurs.

KITE Entrepreneurship Foundation Headquarter Location

KAIST Munji Campus, Administrative Building, A510 193, Munji-ro, Yuseong-gu

Daejeon, 34051,

South Korea

+82 042 864 5411

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Latest KITE Entrepreneurship Foundation News

Stepping up: Lillycover to expand into hair care and make-up this year following $4m fundraise

Sep 30, 2021

Seoul-based personalised beauty start-up Lillycover has announced plans to launch personalised scalp and make-up products this year after raising U$4m in Series A funding. The funding round, held late August, was led by POSCO Capital, TBT Partners, IBK and KITE Entrepreneurship Foundation. Founder and CEO SunHee An told CosmeticsDesign-Asia​ that the funding it received was “more than we expected” ​and that it would be using the new funds to expand its business. She elaborated that the funding will help the company in “stepping up efforts”​ to improve its products and services. “​We will use the funding to expand Lillycover’s overall business, especially for the smart factory system for manufacturing customised products in small quantity as it needs to be advanced to have a mass production system,” ​she said. Founded in 2016, Lillycover specialises in personalised beauty and is one of the five start-ups selected to join Beiersdorf-backed beauty acceleration program, Nivea Accelerator (NX). An, a computer engineering graduate with experience in the medical field, developed MUILLI, a smart skin care device. MUILLI works with big data and artificial intelligence algorithms to understand their skin type. Based on this analysis, consumers can receive fully customised skin care products on a subscription service. The company also developed ENIMA, a custom cosmetics kiosk that is fitted with a robotic manufacturing system. Lillycover also owns BalanX, a skin care brand that ties up with the ENIMA manufacturing system, allowing consumers to receive tailored products that are freshly made and delivered on the spot. Product expansion on the way​ With the funding, the company is intending to expand its product offering and introduce new product categories as well. Currently, the company only offers two customised skin care products under the Balanx label – a lotion and an essence. An revealed to us that the firm is set to launch an exciting list of personalised beauty products this year. For a start, Lillycover with be expanding its skin care range and introducing scalp care this fall. By the end of this year, the firm intends to launch a colour cosmetics range as well. “We are currently working on the products for the scalp to include customised shampoo and hair tonic as well as skin and toner for facial skin care. In winter, we plan to expand our current product line-up to cosmetics with customised foundation products.”​ In addition, the company will be looking to increase its manpower and invest in marketing both locally and globally. The company said it would be actively exploring opportunities in foreign markets such as Japan, China and South East Asia. “We will continue to develop and provide a regular subscription service based on big data and artificial intelligence algorithms. We look forward to leveraging NX’s global network and resources to help fuel our business,” ​said An. Previously, CosmeticsDesign-Asia reported ​ that Lillycover is aspiring to tap into what it believes is a global demand for personalised beauty and that it would be interested in entering the European market. Copyright - Unless otherwise stated all contents of this web site are © 2021 - William Reed Business Media Ltd - All Rights Reserved - Full details for the use of materials on this site can be found in the Terms & Conditions

KITE Entrepreneurship Foundation Investments

22 Investments

KITE Entrepreneurship Foundation has made 22 investments. Their latest investment was in Daim Research as part of their Seed VC on March 3, 2022.

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KITE Entrepreneurship Foundation Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

3/16/2022

Seed VC

Daim Research

$1.65M

Yes

1

12/30/2021

Seed VC

Stoic Entertainment

$2.52M

Yes

1

8/23/2021

Series A

Lilly Cover

$4.04M

Yes

2

11/10/2020

Series A

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$99M

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10

9/1/2020

Angel

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10

Date

3/16/2022

12/30/2021

8/23/2021

11/10/2020

9/1/2020

Round

Seed VC

Seed VC

Series A

Series A

Angel

Company

Daim Research

Stoic Entertainment

Lilly Cover

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Amount

$1.65M

$2.52M

$4.04M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

1

1

2

10

10

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