Swedish skincare start-up Mantle, which offers formulas incorporating innovative and active biomimetic ingredients, has raised 2.4 million pounds in an investment round led by British venture capital firm Venrex.
Mantle, the brainchild of Josefin Landgård, who previously co-founded digital healthcare unicorn Livi and branding specialist Stina Lönnkvist, offers a range of face moisturisers, masks and serums to intimate care products, body creams and scrubs designed to ensure that formulas penetrate all layers of the skin and strengthen the skin barrier.
In a statement, the skincare brand said it would use the investment to further expand in the UK, where the brand recently launched, as well as in Europe, with plans to launch in Germany and the Netherlands. The funding will also be used towards an upcoming market entry into the US and to accelerate its research and product development in its own lab in Sweden.
Commenting on the investment, Josefin Landgård, chief executive and co-founder of Mantle, said: “It feels fantastic to enter the year with Venrex as new shareholders. Their 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.”
Charlotte Tilbury investor Venrex backs Swedish skincare brand Mantle
The latest round of investment brings the company’s total funding to date to 6.9 million pounds and will see the skincare brand joining Venrex’s portfolio alongside some of the past decade’s most successful direct-to-consumer brands, such as Charlotte Tilbury, Hertility, Revolut and Vinterior.
Tom Fleming, founder and partner at Venrex, added: “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 products are sold via its own website and at 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.
In 2023, the skincare brand’s year-on-year growth exceeded 80 percent 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.
Key products include ‘The Bare Balm’ a day-dissolving cleansing balm that removes all traces of makeup, SPF and daily build-up, ‘The Dream Mask’ a gel-textured overnight hydration formula designed to restore and plump skin, and its award-winning ‘The Glow Serum’ that nourishes, calms and revitalises skin.