Manchester-based CURRENTBODY, an online retailer for home-use beauty devices, has received £5m investment to help it expand both in the UK and globally.
Co-founded by Laurence Newman and Andrew Showman, CURRENTBODY.com specialises in beauty devices for home use. The company is expanding thanks to a boom 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% during the period 2017 – 2023 according to P&S Market Research, and is estimated to be worth $94.4bn by 2023. These devices allow consumers to access the same technology used by professionals in salons, spas, and clinics – but at home for a lower price.
NVM Private Equity (NVM) has led a £5m growth capital minority investment into the business, which has already achieved strong sales growth in the last year. This latest investment will help support its next phase of expansion and allow the company to accelerate its strategic initiatives and support working capital requirements.
Co-founder and CEO of CURRENTBODY, 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.”