Online retailer gets £5m boost from investor
Online retailer Currentbody is to get a £5m boost as part of deal with an investment group.
The Manchester based home beauty specialist is to get a capital minority investment from NVM Private Equity.
Currentbody has seen exceptional sales growth in the last year and the investment will help support the next phase of expansion.
Founded by Laurence Newman and Andrew Showman Currentbody is the only website specialising in beauty devices for home use.
Recently named number 22 in the Northern Tech 100 – a rank of the top 100 fastest growing tech companies in the North – the firm are pioneers in beauty device e-commerce and have tapped into the growth in the at-home beauty technology sector.
The global beauty devices market is expected to witness a compound annual growth rate (CAGR) of 19.1% over the next six years and is estimated to be worth $94.4 billion by 2023.
Devices allow consumers to access the same advanced technology used by professionals in salons, spas, and clinics – but in the comfort of their own home, in their own time and in most cases at a fraction of the price.
Home to the biggest brands including L’Oréal’s market leading Clarisonic, NuFACE,SmoothSkin, Tria, Wellbox, iluminage, FOREO and more, Currentbody has become leaders in this niche area.
Laurence Newman, said: “Our partnership with NVM is a significant step in developing our unique product offering internationally whilst continuing UK growth.
“The team at NVM shared our vision and most importantly immediately understood the market opportunity of a pure-play beauty technology platform, making them an ideal cultural fit.
“Working with NVM will accelerate our ambition to provide the largest selection of clinically proven, at-home health and beauty technology in the world. Exceptional product knowledge in this niche area of beauty and excellent customer care from our team has been so important to our success so far. NVM’s support will further ensure that those high levels remain as we expand.”
Liam May, Investment Manager of NVM Private Equity said: “Currentbody has enjoyed exceptional growth over the past few years, driven by an energetic and ambitious management team with a deep understanding of the beauty market.
“We are excited to support the company’s next phase of growth, establishing itself as the market leading e-commerce platform for beauty devices in the UK and across the globe.”
Currentbody was provided with legal advice by Pinsent Masons (Anna Whetham) and GP Bullhound provided corporate finance advice (Nick Horrocks & Ed Prior).
NVM Private Equity is independently owned with over 30 years’ experience of investing in unquoted UK businesses.
NVM is a generalist investor, managing more than £300 million of funds
