Stockholm-based MANTLE, a company developing clean and clinical skincare since 2020, has secured over €2.8 million in a round led by London-based venture capital firm Venrex. The round brings the company’s total funding to date to more than €8 million.
The investment aims to further expand MANTLE across Europe and the UK, where MANTLE recently launched but has already become one of the most celebrated new brands in this space. This year, MANTLE is launching in the US, Germany and the Netherlands. With this new backing, the company will also be accelerating its research and product development, all taking place from MANTLE’s lab in Sweden.
Since its inception, MANTLE has brought to market award-winning and transformative formulas incorporating a wide variety of innovative and active biomimetic ingredients. Its products are designed to ensure that formulas penetrate all layers of the skin and strengthen the skin barrier.
MANTLE was founded by branding specialist, Stina Lönnkvist, together with entrepreneur and investor, Josefin Landgård, who previously co-founded digital healthcare unicorn Livi. In 2023, MANTLE’s year-on-year growth exceeded 80% with a significant retention rate upheld by repeat purchases and demand for new product launches. On average, recurring customers purchase from MANTLE every six weeks.
Josefin Landgård, CEO and co-founder at MANTLE stated: “It feels fantastic to enter the year with Venrex as new shareholders. Their backing is a 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.”
Tom Fleming, Founder and Partner at Venrex commented: “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 their relentless customer focus and their transformative approach to ingredient combinations and delivery. We are confident in their ability to build their customer base and business elsewhere in Europe, and beyond.”
MANTLE’s assortment ranges from face moisturisers, masks and serums to intimate care products, body creams and scrubs. Their products are sold on their website as well as by premium retailers such as Selfridges and Le Bon Marché. In the UK, it recently entered a partnership with luxury hotel and members’ club, Estelle Manor, which stocks MANTLE’s skincare products in the minibars of every room.
Read the orginal article: https://www.eu-startups.com/2024/02/stockholm-based-mantle-secures-over-e2-8-million-for-clean-skincare-expansion/
