The Swedish founders Josefin Landgård (l.) and Stina Lönnkvist now want to conquer the German market with their beauty startup Mantle. Mantle
Despite inflation, German consumers are not skimping on lotions, make-up and shower products – the market around Nivea manufacturer Beiersdorf and the world‘s leading cosmetics company L’Oreal is booming. The cosmetics industry in Germany has around 16 billion euros according to figures from the IKW industrial association implemented with the sale of personal care and beauty products in 2023. The Swedish skin care startup Mantle now also wants to penetrate this market. The founders Stina Lönnkvist and Josefin Landgård recently raised fresh capital for their expansion.
In the financing round, which was led by London-based venture capital firm Venrex, they raised around €2.8 million. In total, more than eight million euros have flowed into the cosmetics startup so far. Mantle’s other investors include the Swedish investor Sophia Bendz, a partner at the Berlin-based VC Cherry Ventures since 2020, and Cristina Stenbeck, former CEO of the Swedish investment firm Kinnevik.
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In addition to Germany, Lönnkvist and Landgård also plan to launch in the USA and the Netherlands this year. At the same time, part of the capital will be invested in research and product development in its own laboratory in Sweden. So far, the range ranges from facial moisturizers, masks and serums to intimate care products, body creams and peelings.
The company says the founders rely on “clean ingredients” that are highly effective but gentle on the skin. The products are designed to support the natural skin barrier and thus “strengthen the skin from the inside out”. CEO Landgård explains: “We founded Mantle to change the perception of beauty and encourage women to accept life and the mark it leaves on our skin.” Their formulas consist of a high proportion of biomimetic substances. These include extracts from plants such as aloe vera, fermented mushrooms, fruit enzymes from mango or pomegranate and vegetable oils from oats and chia seeds. Depending on the skin type, the substances are intended to soothe irritated skin, provide moisture, eliminate impurities and remove dead skin cells. The prices are tough: there is no cream for less than 30 euros. A 30 milliliter serum, which is said to contain plant stem cells, costs around 95 euros. Facial moisturizers, for example, cost 75 euros.
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Despite the luxury price segment, Mantle says it benefits greatly from repeat purchases. On average, returning customers would shop at the cosmetics startup every six weeks. Mantle is said to have grown over 80 percent last year. In addition to sales via the website, the products will be sold through premium retailers in the European markets currently served, France and the United Kingdom. The startup also cooperates with hotels.
The founder previously helped set up the telemedicine startup Kry
With its “clean beauty” approach, the company founded in Germany in 2020 is now directly competing with the family-run startup Nø Cosmetics from Dormagen. The cosmetics company, which Caroline Kroll founded together with her father, a former L’Oreal product manager, reaches customers in this country primarily through retail and is said to have generated sales of 21 million euros in 2021. The prices for their lotions and creams are also significantly lower than those of Mantle, at ten to 20 euros.
For Josefin Landgård, Mantle is not the first startup. The Swede previously co-founded the telemedicine unicorn Kry. Using the platform, patients can arrange video consultations, receive digital medical notes and prescriptions, or be referred to specialists. However, the provider withdrew from Germany in December 2022 due to a lack of profitability.
You can see here how the founders managed to raise millions for their expansion into Germany. We have Mantle’s pitch deck exclusively. You can also find more exciting presentations on our pitch deck topic page.