Recently, CHAILEEDO found that Hangzhou Meixi Aesthetic Biotechnology Co., Ltd. (referred to as “Meixi”) recently completed its Series A+ financing round. The amount of funding raised was not disclosed, and the participating investor was GSR Ventures.
Public information indicates that Meixi was established in 2017 and is engaged in brand management, wholesale, and retail of cosmetics. The company’s beauty brand, FUNNY ELVES, focuses on developing long-lasting foundation products. Currently, the brand has launched two product lines: setting powder and foundation, with prices below 300 yuan ($41.44).
Reportedly, Funny Elves’ online sales channels primarily include Tmall flagship stores, Douyin (the Chinese version of TikTok), as well as distribution channels, and they engage in content operations on Xiaohongshu (Little Red Book). Among them, Funny Elves’ official Douyin store has over one million followers, with total sales exceeding tens of millions.
According to CHAILEEDO data, Funny Elves’ brand achieved a Gross Merchandise Volume (GMV) of 53.25 million yuan+ ($7.36 million) in March, representing a year-on-year growth of 106.34%. It has also entered the top 10 rankings in the cosmetics category on Douyin.
