Chinese media outlet 36Kr reported on Monday that Weimu (Shanghai) Technology Co., Ltd., the parent company of moody, a colored contact lenses brand, has recently completed round C financing worth over 1 billion yuan ($156 million), led by KKR and 5Y Capital.
This round of financing will be used for product research and development and upgrading, and accelerating the international development of the company.
Established in 2019, moody has completed six rounds of financing. Its investors include GL Ventures, Matrix Partners, China Pinnacle Equity Management, GGV Capital, Tencent, Source Capital and Plum Ventures.
Moody’s annual sales have exceeded 200 million in 2020 alone, and it is expected to achieve a transaction scale of over 800 million this year. The price of moody’s products is 89 to 119 yuan, with a repurchase rate of 50%.
Moody’s main consumers are white-collar females aged 18 to 35 located in first-tier cities. According to the wearing time, its products are mainly divided into four categories: daily disposable, monthly disposable, quarterly disposable and semi-annual disposable.
Moody chose etafilcon A as the core material of lenses, which has obtained triple certification from NMPA in China, FDA in the United States and CE in the European Union. All factories realized high-precision automatic production to ensure quality control.
At present, moody has reached cooperation with top optometry experts, top materials science experts and designers at home and abroad, and has established a contact lenses research institute.
After this round of financing, moody will continue to strengthen its supply chain. At present, the firm has reached in-depth cooperation with the only world-class factory in Asia that realizes fully automated production. The factory is a supplier of several Japanese leading colored contact lenses brands, and has set up a water polymer material laboratory in Taiwan. According to 36Kr, moody has invested 300 million yuan in research and development of materials and production lines, and will continue to invest over 500 million yuan in the future.