Valuation increased six times compared to Series B round in 2018… to use the proceeds to expand cGMP facility and accelerate brand marketing
03/12/2021 — SEOUL, South Korea — (BUSINESS WIRE)
DEXLEVO has completed its pre-IPO funding of KRW 26 billion. It thus increased its valuation by six times compared to the Series B funding in 2018 thanks to its commercialization performance such as obtaining the European Union’s CE certification on the liquid polymer filler (product name: GOURI) in May of this year. The company plans to build a new cGMP-grade (current Good Manufacturing Practice) production facility in Songdo with the proceeds raised this time and start marketing its flagship product.
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DEXLEVO’s GOURI, the world’s 1st Fully Liquid type PCL Injectable. (Graphic: Business Wire)
According to industry sources on November 25, DEXLEVO has completed a total of KRW 26 billion in pre-IPO funding from existing investors such as Magna Investment, Smilegate Investment, Hyundai Venture Investment Corp., and Shinhan Capital. Magna Investment and Smilegate Investment each paid KRW 10 billion, while Hyundai Venture Investment and Shinhan Capital contributed KRW 4 billion and KRW 2 billion, respectively, in exchange for new shares (ordinary shares).
Magna Investment paid the funds through the Hana-Magna Growth Booster Fund, a fund jointly created with Hana Financial Investment.
DEXLEVO set the pre-investment valuation of itself at KRW 250 billion during the pre-IPO funding process. At the time of the Series B round in 2018, the pre-investment valuation was about KRW 40 billion. This is more than six times compared to three years ago. The amount of funding also increased 30% from KRW 20 billion originally expected by the company and existing investors.
This seems to be related to the recent successive commercialization performances of DEXLEVO. Starting with obtaining a CE certification of GOURI, its flagship item, in May this year, it participated as a main sponsor of the Aesthetic and Anti-aging Medicine World Congress (AMWC), the world’s largest beauty fair, in September where it launched the GOURI brand for the first time. At AMWC, it also signed a $30 million supply contract with overseas buyers.
DEXLEVO was founded in 2013 by CEO Jaewon Yoo, who worked for Samyang Corporation and Celltrion Inc. The company’s liquid polymer filler has attracted the market’s attention by regenerating collagen in the body in addition to simple cosmetic effects of inducing anti-aging outcomes. With the goal of listing on the KOSDAQ market around 2023, it selected Hana Financial Investment as the main underwriter.
An official from DEXLEVO said, “Currently, interest in GOURI from overseas is growing significantly. The funds raised this time will be used for the construction of a new cGMP-grade production plant in Songdo in Incheon and aggressive marketing effort, so that we will be able to achieve great sales revenue growth next year.”