It aims to use the newly-raised capital to expand to new countries and boost marketing efforts
It aims to use the newly-raised capital to boost its marketing efforts and expand into new countries beyond Singapore and Malaysia.
Favful was launched in 2016 by Sasha Tan, the former Vice President of Product at online grocery retailer HappyFresh, The platform was born out of Tan’s personal frustrations with using beauty products that resulted in her in developing problematic skin as a teenager.
To tackle this problem of potentially-harmful trial-and-error exercises, Favful rates beauty products based on their suitability for a wide range of metrics, such as skin type, skin colour and age group. This allows users to find products that are suited to their specific needs.
There are also price comparisons, tips and user reviews (which go through an approval process). Once the user decides to purchase a product, they can click on a button that directs them to the relevant e-commerce site.
“Purchasing behaviour in Asia is affected by asymmetrical information – where consumers often buy products without sufficient background knowledge. As local consumers are more influenced by word of mouth from peers over advertising, Favful is able to empower female consumers to make smarter purchasing decisions for health- and beauty-related products,” said Victor Chua, Investment Director at Gobi Partners, in a press release.
Previously, Favful raised pre-seed investments from 500 Startups and Segnel Ventures.
Image Credit: Favful
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