Skincare brand Mantle raises £2.4 million to drive expansion
Swedish skincare startup Mantle has raised £2.4 million in an investment round led by London-based venture capital firm Venrex, bringing the brand's total funding to date to £6.9 million.
The investment will be used towards the beauty brand's international expansion, including further growth in the UK.
It will also help to accelerate Mantle's research and product development, all taking place from its own lab in Sweden.
Founded in 2020 by Josefin Landgård and Stina Lönnkvist, Mantle offers "forward-thinking formulas with natural active ingredients that transform the skin on a cellular level".
The Stockholm-born skincare brand saw year-on-year growth exceed 80% in 2023, with a significant retention rate upheld by repeat purchases and demand for new product launches.
Josefin Landgård, Co-founder and CEO at Mantle, said: "It feels fantastic to enter the year with Venrex as new shareholders. Its backing is testament to the brilliant company that we have built so far, and the immense potential to grow from here.
"We started Mantle to change the narrative around beauty, empowering women to embrace life and the traces it leaves on our skin. We do this by providing innovative and world-class formulas rooted in science and feel honoured to see our customers coming back to Mantle time and time again.
"With Venrex on board we look forward to further expanding our footprint and bringing transformative formulations to more customers across Europe and in the US."
Mantle joins Venrex’s portfolio alongside Charlotte Tilbury, Lisa Eldridge Beauty and Vieve, amongst others brands.
Tom Fleming, Founder and Partner at Venrex, said: "We are excited to join Mantle's journey as new shareholders.
"Venrex looks to back exceptional founders who meet the needs of modern consumers in innovative and tech-forward ways. We have been impressed by the cult following Mantle has built in Scandinavia, driven by its relentless customer focus and transformative approach to ingredient combinations and delivery.
"We are confident in their ability to build its customer base and business elsewhere in Europe, and beyond."