Perfect Corp. Raises Major Funding as Startup’s YouCam Gains Popularity

By Thomas Price Thursday, January 21, 2021

With the COVID-19 pandemic shuttering many retail locations, including shopping malls and department stores, the shift for purchasing merchandise online has come rather swiftly. However, for some merchandise such as makeup, the need for in-person sampling cannot be replaced entirely, especially considering how important it is to find makeup that matches skin tone properly. As a result, companies have been trying to find creative tools for consumers to use to properly assess which shade and brand of makeup to purchase. Perfect Corp., a startup based in New Taipei City, Taiwan, has developed a solution to this problem through the development and subsequent launch of their app, YouCam Makeup. Given its enormous popularity, the startup has received a large sum of money in its most recent funding round. So, what does Perfect Corp. do, what kind of funding have they received, and what can be expected from the startup in the near future?

Perfect Corp. and YouCam Makeup

Perfect Corp. is a startup based in Taiwan that is most well-known for the development of their app YouCam Makeup. YouCam Makeup allows consumers to virtually try on makeup to better understand how it works with their own skin tone. The startup’s app has garnered significant attention in the past year with the massive spread of the COVID-19 pandemic throughout the world.

YouCam Makeup currently has over 300 different brands offering samples of their makeup on the app, including brands owned by major companies such as Estée Lauder and L’Oréal Paris.

Since the startup launched this app in 2014, YouCam Makeup has generated a massive following of between 40 to 50 million monthly active users. The app has slowly expanded its features as well to augmented selfies, live streams, tutorials, and a so-called “Skin Score.” The company has also used the technology that went into the YouCam Makeup app to help create an augmented reality (AR) tool for Google along with a beauty try-on feature for Snapchat. This has led to significant attention from investors.

In Perfect Corp.’s Series C funding round, the startup raised an impressive $50 million. The funding round was led by Goldman Sachs, bringing the startup’s total funding up to $130 million. This newly raised capital will help the company’s business to continue to develop retail-based technology. Additionally, it will allow the company to open more international offices to join the already 11 open worldwide. Perfect Corp. also plans to further expand into regular skincare outside of makeup to tap into a more potent market as makeup sales have decreased throughout the pandemic.

Final Conclusions

Perfect Corp.’s business is on the cutting edge of retail-based AR technology. The startup’s partnerships with hundreds of beauty brands show the effectiveness of this technology and the rapidly adaptive beauty industry during the pandemic. With the space for AR as an indicator of product growing ever larger and the major funding raised, it appears that the company is well suited for future success.

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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