Beauty startup Goodiebox from Denmark raises €5.7 million

Goodiebox, a beauty box subscription service from Denmark, has raised 5.7 million euros in a Series A funding round. Among the investors are new and existing parties, including InQvation and the Danish Growth Fund.

The beauty-tech startup says it wants to use the new investment money to grow further in Europe. The Copenhagen-based company aims to have a total of 150,000 subscribers and 3,3 million euros in monthly revenue by the end of this year.

80,000 members in 5 countries across Europe

Currently, Goodiebox has about 80,000 subscribers five markets across Europe: Denmark, Sweden, Norway, the Netherlands and Belgium. The ecommerce company has plans to expand further across Europe: later this year, the opening in four new markets, including Germany, is planned.

CEO and cofounder Rasmus Schmiegelow says the company’s performance in its home market of Denmark has enabled them to roll-out to other EU countries like the Netherlands, Norway and Belgium.

‘Ready to speed up European expansion’

“In the last twelve months we have gained a lot of experience which we have used for fine-tuning our playbook for launching in new markets – we are now ready to speed up our European expansion”, he added.

Over 9 million euros raised

Goodiebox was founded in 2012 and offers a monthly subscription service. It’s all about a box filled with 5 to 7 different beauty products for women. The company has also developed its own range of cosmetics and skin care products. With the recent funding, the total amount raised by the company is now over 9 million euros.