Bitelab Raises KRW 10B in First Funding Round

Seoul, South Korea - Bitelab announced Tuesday that it has raised KRW 10 billion (US$6.68 million) in its first external funding round since its founding in 2020.

Venture capital firm Atinum Investment participated in the round alongside health and beauty retailer CJ Olive Young, which joined as a strategic investor.

Bitelab said the capital will be used for research and development of new products, expansion of business infrastructure, and hiring. 

The company plans to add at least 30 employees by the second half of 2026.

Before the funding round, Bitelab had financed its operations entirely through internal revenue. 

The company projects consolidated annual revenue of approximately KRW 60 billion (US$40.1 million) by the end of 2025.

The company's portfolio includes several proprietary consumer brands. 

Its primary brand, lilyeve, sells scalp care and hair loss treatment products that incorporate ingredients including Nano Exosome 3X™ and Peptasidil™. 

The brand is sold in North American, Asian, and Middle Eastern markets, primarily through Amazon's haircare category.

Bitelab also operates Saekdong Seoul, a skincare brand, and Baruner, a brand that makes ergonomic lifestyle devices.