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Chinese eye makeup and fake lash brand Yuetong secured tens of millions of yuan in a Pre-Series-A funding round, led by Magic Capital followed by Fengwu Capital, according to 36Kr. The investment will be used to improve the brand’s supply chain, increase production and expand offline stores.
Founded in 2017, Yuetong was initially sold in the US before returning to the domestic market. Its core products are soft magnetic false eyelashes developed by DuPont and manufactured by its own Chinese factories. In a previous interview, founder Zhao Weisheng said that the GMV (gross merchandise value) of parent company Maigemei surpassed 200 million yuan ($31 million) last October.
Zhao previously cited a conservative estimate for China’s rapidly growing soft magnetic eyelashes market of about 40 billion yuan ($6.2 billion). According to Qianbidao, a financial media data provider, there were more than 800 new Chinese false eyelash enterprises registered in the last two years alone.