ExoCoBio Inc., a Seoul, South Korea-based exosome startup, raised approx. $27m in series B funding.
Backers included Seven Tree Equity Partners, CSQUARED Global Asset Management, TS Investment Partners, K2 Investment, Intervest, KDB Capital, Atinum Investment, GU Equity Partners, Quantum Ventures Korea, Platinum technology Investment.
The company – which has raised approx. $46m accumulatively including series A round in April 2017 of $11m – intends to use these funds:
– to set up GMP-compliant exosome manufacturing facilities to produce exosome pharmaceuticals,
– to hire talents, and
– to secure additional business opportunities for commercialization in cosmetics industry.
Established in January 2017 and led by Byong Cho, CEO, ExoCoBio is a pharmaceutical R&D and cosmeceutical company. In cosmeceutical business, ExoCoBio has been launching its own exosome-based brands and products, such as EXOMAGETM, CelltweetTM and ASCE+TM.
Exosomes are nano-vesicles between 30 and 200 nm, secreted by cells for intercellular signaling. They contain a variety of physiologically active substances and play key roles in important cellular processes. In particular, exosomes secreted by stem cells have been found to stimulate cellular or tissue regeneration and can be used for a wide range of applications such as skin and hair.