Inskin Cosmedics has received a major funding boost from SME investor the Australian Business Growth Fund, with the money to be used to launch its products into international markets.
While the size of the investment was not disclosed, ABGF’s minority stake sits within its usual mandate of $5m-$15m.
Inskin, founded by Maria Enna-Cocciolone, produces the O Cosmedics range which is manufactured in Sydney and currently sold across Australia, New Zealand and Canada.
The investment would be used to initially take on the European market, the company said.
“The international expansion will see Inskin increase its workforce and export unit volume,’’ the company said.
“As the only Australian skincare distributor and retailer with its own onshore manufacturing facilities, Inskin Cosmedics not only supports the local industry, but it also enables faster product development, without the supply chain issues faced by other Australian skincare brands that rely on onshore or offshore contract manufacturers.’’
ABGF will also help the company through facilitating contacts through its global networks.
The fund will take a seat on the Inskin board as an active adviser. Inskin Cosmedics’ relationship bank, NAB, is a founding shareholder of ABGF.
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