Wow Skin Science raises primary growth capital from Singapore fund GIC
Skincare brand Wow Skin Science has raised primary growth capital from Singapore’s sovereign wealth fund GIC which has acquired a minority stake in the direct-to-customer brand.
Prior to the deal, Wow Skin Science was in talks to sell the significant minority stake to GIC for $75 million, ET Tech reported. The deal will give Wow Skin Science a post-money valuation of between $400 million and $420 million.
Wow Skin Science will use the fresh funding to develop its brand, for talent resourcing, and to speed up its innovation pipeline through organic launches as well as selective, inorganic investments. The business also received investment from ChrysCapital in 2021 which acquired a 35% stake in the business for $50 million.
“We at Wow are thrilled to welcome GIC in our journey towards becoming a House of Loved Brands,” said Wow Skin Science’s co-founder Manish Chowdhary in a statement, the Economic Times reported. “This investment will enable us to drive sustainable yet disruptive growth and to strengthen our organisation with top notch talent.”
Manish and Karan Chowdhary launched Wow Skin Science in 2014 as a toxin-free beauty brand. Run by parent company Fit & Glow Healthcare, the brand retails both online and in stores.
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