CHINA BRIEF | Cosmetics unicorn Perfect Diary raises USD 100 million

Guangzhou-based Yatsen, which owns cosmetic brand Perfect Diary, has scored USD 100 million in a new fundraising round led by Tiger Global Management and joined by Hopu Management Investments and Boyu Capital in early March, The Information reported on Tuesday.

The company, which was the top-seller for cosmetics on Alibaba’s Tmall e-commerce platform in 2019, is now valued at USD 2 billion. In its last round, of which the company did not disclose financial details, Perfect Diary gained its status as a unicorn for the first time, KrASIA reported last September.

Yatsen declined to comment on the new fundraising deal, when contacted by KrASIA on Wednesday.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.