K-Beauty has given Korea some of its strongest global brands, and now a new startup is carrying that momentum into the venture spotlight. BENOW, the company behind skincare brand Numbuzin, has reached unicorn status without issuing new shares — a rare milestone in Korea’s venture market — and is mapping a public listing as global demand accelerates.
BENOW Achieves Unicorn Status Without New Share Issuance
Korean beauty startup BENOW, operator of the skincare brand Numbuzin and color cosmetics line Fwee, has reached unicorn status just seven years after its founding. The company’s valuation rose to around ₩1.1 trillion (approx. US$820 million) in its latest funding process, up from ₩900 billion earlier this year.
The milestone is expected to be recorded as the first case in Korea’s venture investment market where unicorn status was achieved solely through secondary share transactions. Rather than raising capital through fresh issuance, existing shareholders and employees sold equity to new investors.
Industry analysts note that BENOW’s consistent profitability reduced its reliance on external capital, enabling this rare path to unicorn recognition.
IMM Investment Strengthens Position as Third-Largest Shareholder of BENOW
IMM Investment, one of Korea’s leading venture capital firms, is investing an additional ₩13–14 billion (US$9.6–10.4 million) into BENOW via a newly established fund.
The investment will be finalized by acquiring common shares from existing stakeholders, with completion expected next month. Once concluded, IMM’s total stake will rise to roughly 6%, making it the clear third-largest shareholder after co-founders Lee Il-joo and Kim Dae-young.
IMM has already invested ₩41 billion (US$30.4 million) across two earlier rounds, bringing its cumulative exposure to approximately ₩55 billion (US$40.7 million).
Other institutional backers of BENOW include V-One Capital Partners, LB Private Equity, KB Investment, Smilegate Investment, and TKG Ventures.
Explosive Growth in Overseas Markets
BENOW’s rapid ascent has been fueled by global demand for K-Beauty. More than 70% of its sales now come from overseas markets, including the United States, Japan, and Southeast Asia.
Founded in 2018 by Lee and Kim, both Seoul National University business alumni and former Amorepacific colleagues, BENOW has delivered consistent profitability and rapid top-line growth.
- 2020: ₩6.6 billion (US$4.9 million) in revenue, ₩1.5 billion (US$1.1 million) operating profit.
- 2024: ₩266.4 billion (US$197.3 million) in revenue, ₩75.1 billion (US$55.6 million) operating profit.
- 2025 (forecast): Projected to be over ₩350 billion (US$259.3 million) in revenue, driven by U.S. expansion.
This trajectory reflects annual growth rates of 100–200% over the past five years.
IPO Plans Signal Next Phase of Growth
With performance momentum accelerating, BENOW is reportedly preparing an IPO roadmap. The company is considering filing a preliminary listing application with the Korea Exchange in 2026, targeting a KOSPI debut in the second half of that year. Samsung Securities has been named lead underwriter.
For investors, the combination of strong overseas sales, profitability, and IPO visibility increases the appeal of a near-term liquidity event.
A venture industry insider commented,
“Beauty-related companies that have successfully listed in recent years have attracted strong market attention. BENOW is also seen as highly likely to enter the market successfully, especially given the rapid growth of the K-beauty sector in the U.S. and overseas, which provides ample potential for further valuation gains.”
Complementing Korea’s Aim for Global Top Four Venture Ecosystem
BENOW’s trajectory highlights the evolving character of Korea’s startup ecosystem. The company’s rise to unicorn status through secondary share transactions illustrates new pathways for value recognition in the venture market, complementing Korea’s broader ambition to join the Global Top Four venture ecosystems.
By pairing sustainable profitability with global brand expansion, BENOW provides a reference case for how Korean startups can leverage sector strengths—in this case, K-Beauty—into international unicorn status and capital market visibility.
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