Copenhagen-based Goodiebox raises €5.7 million to accelerate its European expansion

GoodieBox

Goodiebox, a Copenhagen-based beauty-tech startup, has just announced the closing of a €5,7 million Series A funding round. Behind this big round of financing are new and existing investors, including InQvation and The Danish Growth Fund.

The fresh capital will be used to fuel Goodiebox’ growth in Europe, as the company aims to have 150,000 subscribers and €3.3 million in monthly revenue by the end of 2019.

Founded in 2012, Goodiebox provides a monthly subscription for a box of beauty products targeted for women. Additionally, the young company has developed its own range of cosmetics and skin care products under the name Comme Deux. It is a community-developed beauty brand based on hundreds of thousands of insights from Goodiebox members.

Now, the young company is speeding up its expansion. At the moment, Goodiebox has approx. 80,000 subscribers in Denmark, the Netherlands, Sweden, Norway and Belgium. Later this year, the startup plans to expand to four new markets, including Germany.

“We have been able to roll-out to other European countries like the Netherlands, Norway and Belgium based on our great performance in Denmark. In the last 12 months we have gained a lot of experience which we have used for fine-tuning our playbook for launching in new markets – we are now ready to speed up our European expansion.” says Rasmus Schmiegelow, CEO and co-founder of Goodiebox.

He continues: “Every person in our 100 (wo)man team is working day and night to deliver not just beauty but happiness to all our members. This uncompromising focus on our members is setting Goodiebox apart from our competitors.”

The latest funding round brings the total amount raised by the company to more than €9 million. On a European scale Goodiebox is competing with other beauty box subscription providers like GlossyBox, which was acquired by The Hut Group in 2017.