Wadiz and Cosmax Sign Strategic MOU… Nurturing Next-Generation K-Beauty Startups
Wadiz and Cosmax Sign Strategic MOU… Nurturing Next-Generation K-Beauty Startups
Enhancing Beauty Startup Quality Competitiveness and Reducing Production Funding Burden… Providing Opportunities for Everyone to Challenge
- Discovering Star Beauty Products Through Open Innovation, Joint Investment, and Direct Product Development as Key Pillars
Korea's leading crowdfunding platform and a global beauty specialty company join hands to pioneer the cultivation of 'K-Beauty Startups'.
Wadiz, a lifestyle design crowdfunding platform, announced that it has signed a 'Strategic Business Agreement for Creating a Beauty Startup Ecosystem' with Cosmax (CEO Lee Byung-man), a global-leading beauty and health ODM company, at Cosmax's Pangyo R&I Center on the 25th.
This business agreement aims to enhance the quality competitiveness of all beauty startups funded through Wadiz through a partnership with Cosmax, which possesses world-class beauty product research and development and production capabilities, and to reduce the burden of production funding, thereby providing an opportunity for anyone with a product idea to challenge themselves.
According to Wadiz, beauty sector funding in 2021 raised 18.3 billion won, growing approximately 150% compared to the previous year. The number of supporters participating in funding also increased approximately 30%, reaching 3 million supporters, showing steady growth. Unlike the existing beauty market concentrated on famous brands, Gen MZ consumers are rushing to the funding market attracted to beauty products that suit them and can solve their pain points, rather than focusing on brands.
In this expanding beauty funding market, the two companies plan to expand the market and develop new business models based on the following key pillars: ▲Discovering, supporting, and commercializing star beauty products through open innovation, ▲Reviewing joint investment in beauty category products verified through funding, and ▲Direct product development and mutual cooperation utilizing the strengths of both companies.
Shin Hye-sung, CEO of Wadiz, who attended the agreement ceremony, stated: "Practical support is crucial for beauty startups. Wadiz will maximize synergy between the two companies through opening distribution channels and promotional support connecting funding and stores, while Cosmax will provide systematic manufacturing, production, and R&D technical support."
Lee Byung-man, CEO of Cosmax, stated: "The expertise of Cosmax, which partners with renowned global beauty and health companies, and Wadiz, which has built the funding industry, come together with the goal of discovering startups that will lead the next-generation K-Beauty market."