Cheadle-based online beauty retailer, CurrentBody, has generated a total of £10 million in funding following backing from BGF and NVM Private Equity.
CurrentBody has doubled revenues year-on-year over the last five years of growth, and claims to be the world’s largest supplier of beauty devices, having recently been named a global strategic partner for L’Oreal’s Clarisonic range.
Co-founded by Laurence Newman (pictured) and Andrew Showman, CurrentBody sells anti-ageing and acne treatment devices, facial cleaners and hair removal devices through 11 own-language websites around the world. Most recently the company has launched in Australia, America, and China where CurrentBody has signed a joint venture to with Asian distributor Thakral.
Matt Widdall from BGF, one of the UK and Ireland’s most active investors in growing businesses, said:
CurrentBody is an exceptional business, globally recognised as a specialist market leader for at-home beauty devices. It has driven impressive product sales for its brand suppliers to consumers across the world, often chosen and trusted for its ability to effectively communicate new technology to customers and provide them with exceptional service.
“We are delighted to be joining Laurence, Andrew and the team as a long-term investment partner, supporting CurrentBody’s vision for this exciting next step.”
CurrentBody CEO Laurence Newman said:
These are exciting times for CurrentBody as we enter this next stage of our growth. We’ve rapidly built our business to supply the largest selection of safe, clinically-proven electrical health and beauty products in the world.
“From a complete start-up, we are now strategic partners with many top brands, testament to the hard work and ambition of a fantastic team.
“We’re delighted to have BGF and NVM join us for the journey. Now that we are a truly international business, our plans for the next few years are to grow our product range and expand our partnerships, whilst remaining true to our founding mission of providing exceptional product knowledge and excellent customer care”