Hashed Backs Beauty Accelerator Concept B to Support K-Beauty Expansion in US, Middle East

Global blockchain and technology venture capital firm Hashed has invested in Concept B, a global beauty brand accelerator, to support K-beauty brands expanding into the US and Middle East.

Hashed said May 29 that it made the investment jointly with Nurihaus, a company that operates a global creator operating system for K-beauty. The deal is Hashed’s second investment in the K-beauty sector.

Concept B is a brand accelerator that helps beauty brands planned and developed in South Korea establish themselves in global markets. The company was founded in 2022 by Chief Executive Officer Park Mi-ryeong, formerly of US clean beauty brand Farmacy Beauty, and co-founder Jung Soo-kyun.

At Farmacy Beauty, the two founders served as global head and head of the Korea unit, respectively, and led the brand’s growth strategy. They were also involved in key business operations before Farmacy Beauty was acquired by Procter & Gamble.

Concept B’s first in-house brand, fvrts, is a skincare label built around plant-based ceramides. Since its launch in November last year, the brand has been expanding its presence through domestic and overseas distribution channels. The company plans to broaden its skincare lineup this year and introduce a second brand, DERMA APOTHEKO, within the year.

Co-investor Nurihaus operates a global creator network of 1.5 million people across more than 100 countries. Fvrts has already entered the US market through Nuriglow, Nurihaus’s global commerce platform. The industry expects the combination of Concept B’s brand management capabilities and Nurihaus’s creator network to create synergies in global expansion.

Hashed has been expanding its Middle East business base after obtaining a financial license from Abu Dhabi Global Market, or ADGM. Through its Abu Dhabi entity, Hashed Global Management, or HGML, the firm plans to support local distribution and retail partnerships for K-beauty brands.

"K-beauty is at an inflection point, moving beyond a passing trend and into the global mainstream market," Hashed Chief Executive Officer Kim Seo-jun said. Leveraging its Middle East network, Hashed will serve as a bridge to help Korean brands expand beyond the US and into the Middle East, he added.