Korean beauty startup Memebox (MBX) has secured $10M (approximately 15 billion KRW) in a growth-stage investment from the ASQ Fund, a vehicle co-founded by Saeju Jeong, chairman of global digital health company Noom, and Dong Shin Kim, CEO of global communications platform Sendbird and Delight AI.

The deal stands out for being led by founders who have built unicorn companies through more than a decade of hands-on experience in global markets — and who are now channeling that expertise into supporting other Korean entrepreneurs on their own paths to international scale.

The fund’s name, ASQ — short for “A Squared” — is a deliberate play on the two A’s of Asia and America, reflecting a mission to multiply the growth potential of Korean and Asian startups by connecting them to US and global markets. The investment grew out of a long-standing relationship between Jeong, Kim, and Memebox CEO Hyungseok Ha, built over more than ten years of shared experience across Silicon Valley and New York.

Jeong founded Noom in New York and scaled it into one of the defining unicorns in digital healthcare. Kim built Sendbird and Delight AI into marquee examples of Korean founder success in the global B2B AI space. Ha, meanwhile, made history as the first Korean startup founder to receive backing from Y Combinator, and has since driven the global expansion of K-Beauty through Memebox — with roughly 65% of the company’s revenue now generated in the US market.

Memebox plans to deploy the capital to deepen its US operations, sharpen its brand growth strategy, and scale marketing across its portfolio. Key priorities include increased marketing investment in flagship brands, expanded partnerships with Silicon2 and 2020, and broader retail channel penetration in the United States.

Looking beyond this deal, ASQ plans to use its partnership with Memebox as a launchpad for building a broader network supporting Korean beauty brands’ entry into North America — with an eye toward growing the global footprint of Korea’s lifestyle industry overall.

In a joint statement, Jeong and Kim said they understand the challenges and the journey of building a Korean startup in global markets better than most, and are committed to helping Memebox grow into a global category leader.

Ha added that the partnership would open new growth opportunities for Memebox not just in the US, but across the global beauty market.

Founded in 2012, Memebox currently operates five brands: makeup labels I’m Meme, Kaja, and Pony Effect, along with skincare and haircare brands nooni and I Dew Care.