January 26, 2021
Perfect Corp., one of the beauty industry’s leading technology solutions providers and developer of the award-winning virtual beauty app, YouCam Makeup, has announced a Series C investment of $50 million led by Goldman Sachs, a leading global investment bank. Cascadia Capital served as the exclusive financial advisor to Perfect Corp. in the transaction. The new funds will invest in augmenting the company’s artificial intelligence (AI) beauty technology solutions across multichannel retail and drive corporate global expansion.
Perfect Corp. is a technology pioneer using proprietary AI and augmented reality (AR) solutions to ease consumer pain points in a digital first world. With more than 900 million app downloads and over 300 global brand partners, Perfect Corp.’s YouCam Makeup technology has upgraded the beauty industry across categories including makeup, skincare, foundation, hair and AI face attributes technologies allowing consumers to virtually try on SKUs, diagnose skin conditions, get personalized recommendations and easily discover beauty products.
The new funding comes as the company announces scaled up operations, more AI tech investment and marks plans for continued global expansion with a complete suite of beauty tech solutions across all categories for e-commerce, stores, social channels, web and mobile app.
“Perfect Corp. is the market leader in providing technology and customer experience solutions to the beauty sector and with the new partnership, the company will continue to drive innovation and technology leadership in the sector,” said Teague Collins, Cascadia Capital Managing Director.
“Cascadia’s strong network made them a natural fit to help propel the next phase of innovation and expansion for our company. We’re extremely grateful to the Cascadia Capital team for their support throughout this process. The new funding will further revolutionize the beauty technology industry with new first time advancements that will continue to reshape the consumer beauty shopping experience as we know it,” added Louis Chen, Senior VP and Chief Strategy Officer of Perfect Corp.
The acquisition represents another successful transaction for Cascadia in the retail technology and customer experience management sectors. Past transactions include the sale of Pathable to Community Brands, Brighton Park Capital’s investment in RocketReach and the acquisition of Influenster by Bazaarvoice, Inc.
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