Australian clean beauty and personal care brand, frank body, has completed an investment round with China-based private equity firm, EverYi Capital. The round values the brand in the 100 million Australian dollars range. A U.S. targeted Series B is planned for later in 2021.

Started by five friends in a coffee shop with an investment of 5,000 AUD in 2013, the funding will expand frank body’s Asian footprint over the next three years. This will include building a localized team in Shanghai, developing go to market strategies and supporting a partnership with Australian retailer Mecca, who recently entered the region through Tmall. In the U.S., DTC and retail channels grew at approximately 80 percent and 125 percent in 2020, respectively, the brand said. Frank body has achieved a three-year sales compounded annual growth rate of 40 percent to 2020.

Frank body launched with one product, The frank body Original Coffee Scrub, which has sold more than 7 million units globally. Frank body now ranges 40 face, body and hair products.

Frank body Co-founder and CEO, Steve Rowley, said, “We are delighted to welcome EverYi Capital to the frank body family. This partnership is an important next step in our globally present, locally relevant strategy, enabling us to bring our accessible, affordable and effective clean beauty and personal care products to an important audience. Having a local operational partner gives us insight and support to grow in what we anticipate will be one of our core future markets. EverYi Capital shares both our passion for the consumer and our values around clean, accessible beauty and personal care products – this will begin an incredibly exciting next stage for our team.”

EverYi Capital Managing Partner, Susan Shui-Shien Lin said, “Frank body’s clean, coffee-based beauty and personal care products and authentic Australian brand identity are known in China and we expect the brand to resonate well with millennials and Gen Z, who are looking for quality and uniqueness. The face and body care category in China is a relatively untapped market in relation to affordable, premium brands. We believe frank body’s expansion in China will benefit from this opportunity and we are excited to support the business in this exciting next phase.”

Alongside guidance from EverYi Capital, frank body will take learnings from its entry into North America and the United Kingdom. The United States represents the brand’s largest share of business, with approximately 50 percent of 2020 fiscal year revenue generated from North America through direct-to-consumer sales and retail partnerships including Ulta Beauty, Target and Urban Outfitters. Earlier this year, frank body also launched into 350 Boots doors in the United Kingdom.
Growth in international markets complements frank body’s local Australian results, driven by its partnership with retailer Mecca and its direct-to-consumer performance, which saw year-over-year growth in the region of more than 50 percent in 2020 fiscal year.

Both manufacturing and innovation of frank body products will continue from Australia and the United States, and will remain cruelty-free by not testing its products or ingredients on animals. The investment coincides with news China will begin relaxation of animal testing requirements on May 1, 2021. Frank body will continue to only invest in commerce channels that do not require animal testing.

Frank body continues to be independently owned and operated, with Co-founders Steve Rowley, Bree Johnson, Jess Hatzis and Alex Boffa retaining their controlling interest. EverYi Capital Managing Partner, Susan Shui-Shien Lin will join the frank body Co-Founders and Unilever Ventures on the board. Frank body has mandated that its board will always be led by a minimum of 50 percent female representation.