Korea’s beauty startup draws investment
South Korea’s startup Zackdang Company said on Feb. 16 that its beauty video application, named Zamface, had drawn 11 billion won ($9.2 million) from investors at home and abroad.
Most recently, the Seoul-based company attracted 4.5 billion won ($3.8 million) last month from Hi Investment Partners and Daesung Private Equity.
The outfit said that the investors recognized the potential of its Zamface app, which came to town last September to entice up to 1.8 million users in less than a half year.
Zamface enables people to pick a streamer who offers tailor-made beauty tips. Behind the new-concept solutions are face recognition and artificial intelligence technologies.
Zamface classifies users’ “personal color” into four basic types based on their skin tone and facial contours. The four are divided into 16 sub-categories for customized solutions.
Zamface comes up with the “personal color” by analyzing the users’ selfies and recommends a different list of products for each type.
Females in their 20s and 30s, dubbed the Generation MZ here, account for more than 90 percent of Zamface’s user base, according to Zackdang Company CEO Yoon Jung-ha.
The two investors expressed their hopes for the upside potential of the startup.
“Zamface offers differentiated services with video-based convenient user interface and social functionality. We expect that it would be able to become the country’s representative beauty platform,” Hi Investment Partners senior official Roh Kyung-wook said.
Daesung Private Equity’s Kim Jung-yoon also had a high opinion of Zamface’s commercial viability.
“Zamface stands out as it promptly recognized unmet needs of customers and came up with tailored services. Its strategy would also work outside of the country,” Kim said.