LAHORE: Pakistan’s natural and organic skin and hair care brand, Conatural, has raised $825,000 in a Pre-Series A round from experienced institutional and angel investors, the company announced in a statement.
The round included participation from local venture capital firm Karavan and angel investors from the Middle East and China.
Profit verified the said amount with one of the investors, Karavan, that confirmed the size of the round, further disclosing that the funds committed by their firm had been transferred to the startup.
In a statement, Conatural claimed that this is one of largest Pre-Series A investment raised by a female-founded startup, which is also the one of its kind that is offering branded beauty products.
The company plans to use the funds to expand its online and offline retail model.
Cofounded by Myra Qureshi Jahangir and Rema Taseer, Conatural is a women led organisation and a pioneer in branding, manufacturing and retailing natural and organic beauty products tailored to the South Asian skin type. As a women led organisation, it aims to inspire and empower women and provide opportunities for women in the workplace with almost 50 per cent of staff being female.
Through the brand, the cofounders had envisioned to inspire, empower, educate and provide beneficial beauty solutions that were free of toxic chemicals and to create beauty products that were both safe and effective.
With natural and organic formulas along with no animal testing and commitment to recycling, the brand is committed to its 100 per cent all-natural ethos, the statement said. The company continues to focus on dermatological results and credentials along with sourcing certified and high-quality ingredients.
Myra and Rema believe that the amount raised in the Pre-Series A round is significant, which will be used to accelerate growth of the company including introducing new product lines and channels online and driving more sales into export markets. Conatural sells online, in its own physical stores at Emporium Mall and Packages Mall in Lahore, through high-end retailers throughout Pakistan, besides serving export markets.
“We will continue to make Conatural the best product experience in the field of natural and organic and emerging as the pioneer and market leader. We are proud to partner with strategic investors who share our vision and look forward to building a clear brand based on company’s ethos,” said Rema Taseer.
Conatural says it has the potential to grow rapidly on the back of a large addressable market and demand for natural and organic products. Many of the brand’s campaigns are based on social activism – highlighting Beauty Beyond Colour, amnd issues relating to women, autism, health and fitness.
Commenting on the investment, Amad Saeed, partner at Karavan, said: “Conatural is innovating the way forward for the natural and organic beauty industry in Pakistan by building a brand that fundamentally redefines what beauty in Pakistan looks like. A brand that can compete on the global stage with the likes of Lush, Kylie Cosmetics (Kylie Skin), Huda Beauty (Wishful) and Glossier. Over the last 10 months of getting to know Myra, we are extremely excited to be joining her on this journey,” he said.
The leading investor in the round, Weihan Liew, an entrepreneur and angel investor from China, commented, “Over the last decade, there have been various examples throughout Asia of local champions winning in the cosmetics and beauty products market and successfully competing with global giants,” he said.
“Conatural’s raise is well-timed with rapidly increasing demand for expansion. Therefore, partnering with serial investors brings significant competency along with capital,” Myra, the CEO of the company, said.
“We have laid a strong brand foundation, have a robust national and international expansion plan; we’re really excited about the journey ahead. We are positioning ourselves as a key player in the market of natural and organic products and fostering product innovation. The $8 billion beauty industry continues to grow and we look forward to building a great company in an exciting category,” she added.