Sydney ‘cosmedical’ pioneer INSKIN COSMEDICS has secured new investment from the Australian Business Growth Fund (ABGF), which has pledged to reinforce the company’s international growth and extend further support to women-led businesses.
The exact financial terms of the deal were not disclosed by ABGF, which has a mandate to provide initial investments of between $5 million and $15 million in return for a minority stake in proven but growing enterprises.
Founded in 2007 by Maria Enna-Cocciolone, INSKIN COSMEDICS has grown from an importer and distributor of high-end skincare products to a formulator of its own specialised treatments.
The company operates in the niche between store-bought skincare options and medical-grade, prescription-only options, offering consumers products that contain active ingredients said to address skin conditions and promote overall skin health.
INSKIN COSMEDICS now oversees in-house brands like O Cosmedics and GINGER&ME, continual distribution deals with global brands, and relationships with professional skincare clinics across the country.
It also manages distribution of own-brand and partner products to clinics in New Zealand and Canada.
Ghazaleh Lyari, co-head of investments at the ABGF, said INSKIN COSMEDICS is well-placed for growth in an advanced and increasingly sophisticated market.
“The skincare industry is crowded, but Maria has established herself as a true pioneer of the industry and carved out her niche in what she has coined as the ‘cosmedical’ category,” Lyari said in a statement.
“The medicalisation of skincare is here to stay, and we see it becoming a fast-growing section of the market.”
With the investment, INSKIN COSMEDICS has become the first company founded by a woman to enter the ABGF portfolio.
“I instantly felt a connection with the ABGF team, they were engaged in our story and interested in our vision – and I am excited to have a female-led team to partner with,” Enna-Cocciolone said.
“I feel confident we will continue to grow with next level heart, passion and market share.”
ABGF is “committed to diversity, as it enables our teams to mirror the demographics of the businesses we invest in, such as INSKIN COSMEDICS, and spot opportunities in the market that may otherwise go unnoticed,” Lyari added.
Not only do women-led ventures receive meagre funding, the Australian venture capital scene is geared towards early-stage startups, an ABGF spokesperson told SmartCompany.
This leaves a “significant gap for female-led scaleup businesses,” an ABGF spokesperson said.
“Addressing the funding gap is not just a moral necessity but an economic one, vital to Australia’s prosperity.”
After the INSKIN COSMEDICS deal, the ABGF is “actively seeking more female-founded businesses that are challenging the status quo, disrupting their industries, and making a positive difference,” the spokesperson added.
Prior ABGF investments include pick-up, drop-off solution Hubbed, and specialty pipe and fitting manufacturer Derwent Industries.
Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
