Memebox

Memebox was a Seoul-based consumer e-commerce start-up that sells Korean and some international cosmetics brands, all at discounted prices. The products included skincare items, perfumes, organic-based products and various other cosmetics. The company's headquarter is in San Francisco, California and has offices in Korea, China, the US. As of May 1st, 2017, Memebox no longer sells any products on its site. However, it becomes a review and recommendation hub to K-beauty products.

Memebox was founded in 2012 by CEO Hyungseok Dino Ha and COO Doin Kim in Seoul, South Korea. In 2014 Memebox launched its private-label cosmetics brand and also launched new iOS and Android mobile apps.

Memebox initial funding began with $1.5 million in venture funding for US expansion. It raised Series B funding of $29.35 million in 2015 from investors include Y Combinator, AME Cloud Ventures, Formation 8, Goodwater Capital, Pejman Mar Ventures, Winklevoss Capital, Cowboy Ventures, FundersClub and Altos Ventures. Funding used to expand its mobile and e-commerce market in China, the US and Korea. In 2016, MemeBox closed on $65.95 million in series C funding.

It creates a partnership with YouTube stars to create exclusive collections. These collaboration bridge the gap between American and Asian cosmetics.

In December 2016, Memebox raised $60 million in a Series C extension from existing investors Goodwater Capital, Altos Ventures, Cowboy Ventures, Mousse Partners, Formation Group, Funders Club, Pear Ventures, Cota Capital, and Janet Gurwitch, among others.

In March 2017, Memebox announced that it would stop its loyalty program, Memepoints, and encouraged its customers to use up their points. It was changing its business model. Memebox informed its affiliates that sales commissions would not accrue after April 28th, and that they were “required to remove any and all banners, buttons, text links, product images and store fronts that link to Memebox by End of Business Day April 28, 2017". As of May 1st, 2017, after about 90% of its customers used up their points, Memebox officially stopped selling K-beauty products on its US site. However, it becomes a review and recommendation hub to K-beauty products. Even so, its business in China and Korea commences.

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