IMM Investment, Korea's largest venture capital firm, has invested in indie beauty company Tone28, industry sources confirmed. The move by IMM Investment, dubbed the "K-beauty talent scout" for its early bets on APR, Goodai Global, and Vinow, is drawing attention from both the investment and beauty industries.
According to industry sources on Wednesday, IMM Investment recently invested 9 billion won in Tone28. The deal was structured as a combination of new share issuance and secondary share purchases. Tone28, an eco-friendly cosmetics manufacturer, previously received investment from Amorepacific Ventures in 2017—marking the first time the corporate venture arm directly invested in an indie beauty company rather than beauty devices or formulation technology firms.
IMM Investment's decision to follow Amorepacific Ventures into Tone28 stems from the company's distinctive product differentiation. Tone28 operates its own farm in Haenam, South Jeolla Province, where it cultivates pesticide-free ingredients for its cosmetics. The company posted revenue of 25 billion won and operating profit of 3 billion won last year.
Tone28 plans to use the investment to expand overseas sales channels including Amazon and TikTok. The company has primarily sold to domestic customers through its own online mall.
