A Toronto-based start-up, Inkbox, has secured $10 million in funding from venture capitalists to expand its operations in the temporary聽tattoo聽business, the company’s president said on Tuesday (July 17).
The company was founded in 2015, operates in Canada and Japan and ships approximately 60,000聽tattoos per month to over 150 countries, with 75 percent of its sales going to the United States.
The company received its latest equity investment from a group led by venture capital firm Maveron LLC, in addition to $3 million raised through a line of bank credit. Inkbox had raised about $3 million in its first round of capital raising.
Staff at Inkbox, a temporary tattoo start-up, work on designs at their offices in Toronto, July 17, 2018. REUTERS/Chris Helgren
Staff at Inkbox, a temporary tattoo start-up, work on designs at their offices in Toronto, July 17, 2018.
Inkbox’s president and co-founder Braden Handley believes the funds will last for at least two years, and says the money will go toward scaling the marketplace, marketing strategy, technology innovation and making strategic hires.
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Inkbox sources designs from professionals – such as聽tattoo聽artists, graphic designers and fine artists – who receive a cut of the profit when their designs are purchased. The company hopes to allow anyone to submit creations in the future.
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Inkbox appeals to millennials and it enlists the help of Instagram influencers to sell its products.
The聽tattoos are shipped directly to customers, who can then apply them in about 15 minutes using an included kit. The ink lasts up to 18 days.