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- BENOW
BENOW Revenue, Valuation, Funding & Investors
BENOW is valued at $737M as of August 2025, a 3.1x multiple on its last reported $235M revenue.
Last BENOW valuation
$737M
Secondary · Aug 2025
Last BENOW funding round
$2M
Strategic investment · Apr 2025
BENOW revenue
$235M
Secondary · Aug 2025
Key investors in BENOW
IMM Investment
KB Investment
Smilegate Investment
CJ Onstyle
TKG VENTURES
LB Private Equity
About BENOW
BENOW is a South Korea-based beauty conglomerate that markets skincare, hair care, and cosmetics under brands such as Numbuzin, Fwee, FLASKIN, and RIAH. The company distributes products worldwide through e-commerce channels and partnerships in Asia, North America, and Europe.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$235M (Aug 2025)
Valuation
$737M (Aug 2025)
Sectors
BENOW Valuation
BENOW is currently valued at $737M, based on its secondary sale in August 2025.
The $10M round was led by IMM Investment.
BENOW's valuation has grown 205x from $4M at its seed round in January 2021 to $737M in August 2025, across 5 priced rounds.
BENOW valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Aug 2025 | Secondary | $737M | 3.1x |
| Apr 2025 | Strategic investment | $625M | 3.5x |
| Nov 2024 | Secondary | $737M | 4.1x |
| Aug 2024 | Undisclosed stage | $300M | - |
| Jan 2021 | Seed | $4M | - |
BENOW Revenue
BENOW's latest recorded revenue is $235M, as of its secondary sale in August 2025. At a $737M valuation, that implies a 3.1x revenue multiple.
Revenue grew from $178M in November 2024 to $235M in August 2025, while the revenue multiple moved from 4.1x to 3.1x.
BENOW revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Aug 2025 | $235M | $737M | 3.1x | Secondary |
| Apr 2025 | $178M | $625M | 3.5x | Strategic investment |
| Nov 2024 | $178M | $737M | 4.1x | Secondary |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
BENOW Funding History
BENOW has raised a total of $14M across 3 funding rounds, plus 2 secondary share sales.
BENOW's first fundraising round was a $400K seed round in January 2021. The most recent completed round was a $2M strategic investment round in April 2025.
BENOW funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2025 | Secondary | IMM Investment (lead) | $10M | $737M | BENOW, a Korean beauty startup founded in 2018, operates the skincare brand Numbuzin and color cosmetics line Fwee, with products sold in over 16 countries and recognized in Korea’s Olive Young Awards. The company also serves as an OEM/ODM manufacturer for global beauty clients. BENOW achieved unicorn status in mid-2025 with a valuation of ₩1.1 trillion (approximately US$820 million), up from ₩900 billion earlier that year. IMM Investment, a leading Korean venture capital firm, invested an additional ₩13–14 billion (US$9.6–10.4 million) by acquiring common shares from existing stakeholders, increasing its total stake to roughly 6% and positioning it as the third-largest shareholder. This follows IMM's prior ₩41 billion investments across two earlier rounds, bringing cumulative exposure to ₩55 billion. Other backers include V-One Capital Partners, LB Private Equity, KB Investment, Smilegate Investment, and TKG Ventures. BENOW projects over ₩350 billion (US$259.3 million) in revenue for 2025, fueled by U.S. expansion and annual growth rates of 100–200% over the past five years. The company eyes an IPO amid strong market interest in K-beauty firms. |
| Apr 2025 | Strategic investment | CJ Onstyle (lead) | $2M | $625M | BENOW operates skincare brand Numbuzin and color cosmetics line Fwee, functioning as both a K-beauty brand and OEM/ODM manufacturer producing beauty products sold in over 16 countries. The company has achieved rapid growth, with sales increasing from 700 million KRW in 2019 to 266.4 billion KRW in 2024, reflecting annual growth rates of 100-200% over the past five years. CJ OnStyle invested 3 billion KRW in BENOW around April 28-29, 2025, at a post-money valuation exceeding 900 billion KRW, securing a minority equity stake to support global distribution expansion and synergies. BENOW selected Samsung Securities as sole IPO underwriter in September of the prior year, targeting an IPO the following year. Later in 2025, valuation rose to 1.1 trillion KRW in a process involving IMM Investment acquiring shares to reach a 6% stake, achieving unicorn status. Projected 2025 revenue exceeds 350 billion KRW, driven by U.S. market expansion. Other investors include V-One Capital Partners, LB Private Equity, KB Investment, Smilegate Investment, and TKG Ventures. |
| Nov 2024 | Secondary | IMM Investment (lead) | $8M | $737M | BENOW, a Korean beauty startup operating the skincare brand Numbuzin and color cosmetics line Fwee, reached unicorn status with a valuation of ₩1.1 trillion (approx. US$820 million) in its latest funding process, up from ₩900 billion earlier in the year. IMM Investment is investing an additional ₩13–14 billion (US$9.6–10.4 million) by acquiring common shares from existing stakeholders, increasing its total stake to roughly 6% and positioning it as the third-largest shareholder after co-founders Lee Il-joo and Kim Dae-young. IMM has previously invested ₩41 billion across two earlier rounds, bringing cumulative exposure to approximately ₩55 billion. Other backers include V-One Capital Partners, LB Private Equity, KB Investment, Smilegate Investment, and TKG Ventures. BENOW reported ₩266.4 billion (US$197.3 million) in revenue and ₩75.1 billion (US$55.6 million) in operating profit for 2024, compared to ₩6.6 billion revenue and ₩1.5 billion operating profit in 2020. |
| Aug 2024 | Undisclosed stage | V1 Capital Partners (lead); LB Private Equity; KB Investment; TKG VENTURES; Smilegate Investment | $11M | $300M | - |
| Jan 2021 | Seed | - | $400K | $4M | - |
Who has invested in BENOW?
7 investors have backed BENOW across its funding rounds, including IMM Investment, KB Investment, Smilegate Investment, CJ Onstyle, TKG VENTURES and LB Private Equity.
Lead investors include IMM Investment, CJ Onstyle and V1 Capital Partners.
BENOW Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Nov 2024 | ||
| 1 | Participant | Aug 2024 | ||
| 1 | Lead | Aug 2024 | ||
| 1 | Participant | Aug 2024 | ||
| 1 | Participant | Aug 2024 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialBENOW Competitors
BENOW competitors include listed companies like Tempo Scan Pacific, Synsam, Safilo Group and Sunmax Biotechnology, and private ones like JSW Paints and ipsy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $790M | $111M | $712M | - | ||
| Private | - | - | $702M | - | ||
| Publicly listed | $734M | $130M | $775M | 1.4x | ||
| Publicly listed | $1.1B | $126M | $794M | 0.7x | ||
| Private | $150M | - | $800M | 5.3x | ||
| Publicly listed | $64M | $35M | $670M | - |
BENOW Public Comps
BENOW is still privately-owned, but its public comps include Tempo Scan Pacific, Synsam, Safilo Group, Sunmax Biotechnology, Helen Of Troy, Menicon, Alkaloid, Betterware de Mexico, ODDITY Tech and The Honest Company.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $790M | $111M | 0.6x | - | 4.5x | - | |||
| $734M | $130M | 1.5x | 1.4x | 8.3x | 5.8x | |||
| $1.1B | $126M | 0.7x | 0.7x | 6.3x | 6.0x | |||
| $64M | $35M | 10.2x | - | 18.6x | - | |||
| $1.8B | ($728M) | 0.8x | 0.8x | (1.9x) | 7.3x | |||
| $807M | $131M | 1.4x | 1.4x | 8.8x | 8.3x | |||
| $391M | $62M | 1.7x | - | 10.7x | - | |||
| $829M | $152M | 1.2x | 1.1x | 6.6x | 5.4x | |||
This data is available for Pro users. Sign up to see all BENOW competitors and their valuation data. Start Free Trial | ||||||||
Common questions about BENOW
| When was BENOW founded? | BENOW was founded in 2018. |
| Where is BENOW headquartered? | BENOW is headquartered in Seoul, South Korea. |
| Is BENOW publicly listed? | No, BENOW is a private, VC-backed company. |
| What is BENOW's valuation? | BENOW was last valued at $737M in its secondary sale in August 2025. |
| How much funding has BENOW raised? | BENOW has raised $14M across 3 funding rounds. |
| What was BENOW's last funding round? | BENOW's last funding round was a $2M strategic investment round in April 2025, led by CJ Onstyle. |
| Who are BENOW's investors? | BENOW's investors include IMM Investment, LB Private Equity, V1 Capital Partners, KB Investment, TKG VENTURES, Smilegate Investment and CJ Onstyle. |
| What is BENOW's revenue? | BENOW's latest recorded revenue is $235M (August 2025). |
| What is BENOW's revenue multiple? | BENOW's latest valuation implies a 3.1x revenue multiple ($737M valuation on $235M of revenue). |
| Which companies are comparable to BENOW? | Companies comparable to BENOW include Tempo Scan Pacific, JSW Paints, Synsam, Safilo Group, ipsy and Sunmax Biotechnology. |
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