Domestic skincare brand PMPM raises tens of millions of yuan in pre-A and pre-A+ rounds, with Source Code Capital as sole angel investor

Emerging domestic skincare brand PMPM announced the completion of two funding rounds — pre-A and pre-A+ — totaling tens of millions of RMB. Black Ant Capital and Harmay led the rounds, with existing investor Source Code Capital making additional investments and Xinyi Capital participating. Source Code Capital was the sole investor in PMPM's angel round. The proceeds from both rounds will primarily fund product line expansion and new brand development, with the product expansion focused on premium and professional skincare lines.

PMPM's founding team hails from Procter & Gamble and brings over 10,000 hours of beauty industry experience. Since launching in March this year, the brand has reached nearly RMB 15 million in monthly GMV within six months, with cumulative GMV approaching RMB 50 million — a 100x increase over six-plus months. Products including its "Glowing Dough" mask and "Sea Sugar" toner-emulsion duo quickly became breakout hits. The Glowing Dough ranked as Tmall's #2 wash-off mask in May, while the Sea Sugar line broke into the top 10 of the toner-emulsion category in its debut month.

Shan Shuo, founder and CEO of PMPM parent company Shanghai Shiyin E-Commerce, said that product strength and brand power remain the core of consumer entrepreneurship, because these two factors drive efficient customer acquisition. Companies that possess both brand and product excellence are rare, she noted, attributing this to PMPM's consumer insight and its understanding of the era and market environment. In Shan Shuo's view, building a brand isn't about assembling brand elements — it should be more like a literary work, one that reflects the team's aesthetic sensibility, lifestyle, and values.

PMPM's user profile skews heavily young: over 80% are born in the 1990s, and over 65% are post-95s. The founding team is confident in its consumer insights. At a macro level, following first principles means capturing shifts in consumer lifestyle and values; at the product level, it means anticipating consumer needs before they fully emerge.

PMPM currently has over 20 SKUs including Glowing Dough, Sea Sugar toner-emulsion, and Skin-Refining Pink Water. Every three months, the team explores a new destination and generates 6-8 new SKUs. But each new product must pass market testing, and PMPM targets a hit rate of 30% for breakout products. The brand's strategy is to first target small-penetration, high-growth categories, then move into large-penetration, high-growth categories, and finally compete in massive-penetration, slow-growth markets. Breakout products emerge within three months, with a hit rate exceeding 30%, and the team can accurately predict and achieve these targets ahead of schedule — a key factor in winning over investors.

Despite only being on the market for seven months, PMPM's brand power is already evident. By analyzing keyword clouds from real, comprehensive online conversations about global beauty brands over the past six months, Shan Shuo found that discussions about PMPM center on "brand terms," followed by "product nicknames," "efficacy terms," and "ingredient terms." For the vast majority of domestic brands, consumer memory focuses only on "efficacy terms" and "ingredient terms" — terms that any competitor can claim, meaning the brand has captured no real mindshare.

Additionally, among tens of thousands of text reviews from PMPM consumers, roughly 30% describe the spiritual strength the brand gives them. The flagship store contains more heartfelt consumer expressions than competing skincare brands, with 100-character reviews commonplace. Words like love, moved, thoughtful, and faraway appear frequently.

After expanding its category footprint, PMPM has developed a more sophisticated approach to its product matrix. Shan Shuo said that following this funding round, PMPM will explore more corners of the world, expand into additional categories and products, and also broaden its platforms and distribution channels to bring beauty and faraway places to more consumers.

As PMPM's sole angel investor, Source Code Capital is bullish on the beauty and skincare sector and recognizes founder Shan Shuo's talent. Dandan Chen of Source Code Capital said: "Founder and CEO Shan Shuo is a gifted creative talent and simultaneously a rational rule-maker. She constructs creativity through a systematic framework into an 'equation' that is scalable, transmittable, and rapidly replicable. This rigorously disciplined 'creative equation' manages the organization efficiently internally and delivers consistent brand language externally, continuously extending its commercial boundaries through a multi-brand strategy going forward. Consumption is one of the primary drivers of China's future economic growth, and Source Code will continue to explore and actively support outstanding entrepreneurs, innovative products, and new models in the consumer sector."

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