Profex Inc., a Shanghai, China-based dermatology startup, has raised $15.5 million in Series A funding. The round was co-led by Trident Capital and its Chinese affiliate Mustang Ventures.
Trident Capital, an international venture capital firm, today announced that together with its investment partner in China, Mustang Ventures, the firm is leading a Series A round of financing for Profex.Inc. Trident Capital & Mustang Ventures jointly invested $15.5 million in the round. Profex is a fast growing Dermatology company that licenses, acquires, and markets an international portfolio of proprietary and third-party products in the professional and consumer channels in China. Its products include best-in-class medicines, OTC's, aesthetic products and cosmeceuticals.
” The estimated $1.3 billion market for dermatology products in China is growing at 20% annually — disproportionately faster than the overall market,” said Don Dixon, Trident's co-founder and managing director. “Profex is in an position to lead the market with its experienced management, well-established major contracts and wide distribution.”
Profex, Inc. is headquartered in Shanghai, China. The Company has two main divisions, professional and consumer. The professional division markets products to dermatologists in the hospital and clinic environment. The consumer division sells and markets much of the same product portfolio to the direct-to-consumer channel with a concentration on retail pharmacies. Profex employs over 230 employees in China today. The investment from Trident Capital and Mustang Ventures will be used to grow the company's sales and servicing efforts as well as for expansion geographically in China. Trident Capital's Don Dixon will join Profex's board of directors.
“The skin care products market in China is large and growing, with real market penetration having only occurred over the last 15 years,” said Paul Contomichalos, Profex CEO and co-founder. “Profex already has good traction, with the most comprehensive offering of dermatology brands in China. This significant new investment from Trident and Mustang will allow our company to expand further into the rapidly growing consumer retail market in China and to better service the growing professional and consumer markets by expanding our geographic reach.”
About Mustang Ventures
Mustang Ventures is a China-focused venture firm focusing on early stage companies that leverage China's attractive cost structure, large pool of intellectual talent, export capability and burgeoning domestic end market. Mustang's partners bring together more than 40 years operating experience and 10 years of investing experience.
About Trident Capital
Trident Capital is a leading venture capital and private equity firm with over $1.5 billion of capital under management, including $400 million raised in its most recent fund, Trident Capital Fund VI. Trident focuses on investments in the business services, information services, software sectors, Internet, and Cleantech across a variety of industries. Within its sector focus, Trident invests across multiple stages, including traditional venture capital investing as well as investments in micro-cap public companies, buyouts and consolidation platforms. The firm has made over 120 investments since inception. Trident has investment offices in Palo Alto, Calif. and Westport, Conn. For more information, visit the firm's website at www.tridentcap.com <http://www.tridentcap.com/> .