Memebox (MBX), the Korean-founded K-beauty company, has raised $10 million in a growth investment from ASQ Fund, a vehicle co-founded by Saeju Jeong, Chairman of digital health unicorn Noom, and John S. Kim, CEO of Sendbird and Delight AI.
ASQ — short for “A Squared,” representing Asia × America — was established by the two founders to help Korean startups scale into North American and global markets, drawing on their own experience building unicorn-level companies in Silicon Valley and New York. Memebox was founded in 2012 and is best known for its portfolio of K-beauty brands including I’m Meme, Kaja, Pony Effect, nooni, and I Dew Care.
The company made history as the first Korean startup backed by Y Combinator and has since grown into a global operation across 21 countries, with 65% of revenue coming from the U.S. Its products are sold in over 15,000 retail locations through partners like Sephora, Ulta, Amazon, and TikTok Shop.
Memebox plans to use the proceeds to scale U.S. marketing, expand retail channel presence, and deepen partnerships with distribution partners. ASQ, meanwhile, aims to use Memebox as a launchpad to build a broader network supporting Korean beauty brands entering the North American market.
