NVM Private Equity (NVM) has led a GBP5 million growth capital minority investment in Manchester-based CurrentBody, an online retailer for home-use beauty devices.
Having achieved exceptional sales growth in the last year, the investment will help support its next phase of expansion, allowing the company to accelerate its strategic initiatives and support working capital requirements.
Co-Founded by Laurence Newman and Andrew Showman, CurrentBody is the only website specialising in beauty devices for home use. Recently named number 22 in the Northern Tech 100 – a rank of the top 100 fastest growing tech companies in the North – this growth is not only a reflection of CurrentBody being the pioneers in beauty device e-commerce but also demonstrates the rapid progress of the at-home beauty technology sector.
The global beauty devices market is expected to witness a compound annual growth rate (CAGR) of 19.1 per cent during the period 2017 – 2023 according to P&S Market Research, and is estimated to be worth USD94.4 billion by 2023. Safe, effective devices allow consumers to access the same advanced technology used by professionals in salons, spas, and clinics – but in the comfort of their own home, in their own time and in most cases at a fraction of the price.
Home to the biggest brands including L’Oréal’s market leading Clarisonic, NuFACE, SmoothSkin, Tria, Wellbox, iluminage, FOREO and more, CurrentBody are truly thought leaders in this niche area of beauty. With a live web chat function to give personal expert advice, experienced customer support staff, and a range of ‘how to’ videos and rich content, CurrentBody offers the largest selection of clinically proven electrical health and beauty products in the world.
Co-Founder and CEO of CurrentBody, Laurence Newman, says: “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, says: “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.”
