Stockholm-born MANTLE, a company developing clean and clinical skincare, announced that it has raised £2.4M (approximately €2.81M) in a fresh round of funding. The total funding for the company now stands at £6.9M (approximately €8M).
The investment was led by London-based venture capital firm Venrex. Tom Fleming, Founder and Partner at Venrex, says, “We are excited to join MANTLE’s journey as new shareholders.”
“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,” adds Fleming.
The funds will fuel MANTLE’s European expansion, particularly in the UK, where it has gained acclaim since its recent launch. The company is set to enter the US, Germany, and the Netherlands this year.
As part of its European expansion, MANTLE is currently launching its brand in the Netherlands via Dutch beauty destination, Skins Cosmetics.
Additionally, the funds will also support research and product development in MANTLE’s Swedish lab.
Josefin Landgård, CEO and co-founder at MANTLE says, “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 the US.”
“Transforming skin and the way we see beauty”
MANTLE is a Scandinavian skincare company revolutionising beauty standards, founded in 2020 by tech entrepreneur and investor Josefin Landgård and branding specialist Stina Lönnkvist.
The company offers a diverse range of skincare products, including face moisturisers, masks, and serums, as well as intimate care items, body creams, and scrubs.
MANTLE’s skincare products, crafted in a Swedish lab, combine clean ingredients with potent actives for gentle and effective results. The formulations aim to penetrate all skin layers, strengthening the skin barrier.
In 2023, the company claims to have achieved over 80 per cent year-on-year growth, driven by high retention from repeat purchases and enthusiasm for new products. Recurring customers made purchases every six weeks on average, reports the company.
MANTLE’s products are available on its website and through retailers like Selfridges and Le Bon Marché. In the UK, the company partnered with Estelle Manor, a luxury hotel and members’ club, to feature MANTLE’s skincare products in every room’s minibar.
Brief about Venrex
Venrex, founded in 2002, is a UK-based venture capital firm that supports creative founders in launching and developing innovative businesses, particularly in consumer industries affected by technology.
The firm’s portfolio features brands including Revolut, Charlotte Tilbury, JustEat, and Lisa Eldridge.