Beauty Packaging Staff12.04.20
Function of Beauty, a creator of customizable hair, skin, and body care products, has received a $150 million strategic minority investment from L Catterton, a global consumer-focused private equity firm. CircleUp and GGV also reinvested during this round.
The investment will accelerate the company's product development, support its continued worldwide expansion, and build upon its already industry-leading customized manufacturing capabilities.
Function of Beauty was founded in 2015 by CEO Zahir Dossa, COO Joshua Maciejewski, and CSO Hien Kaplan, with the purpose of bringing the benefits of customization to a broad audience. They took a problem-solution approach, utilizing each co-founder's unique skillset. Dossa and Kaplan developed the proprietary quiz, defining which ingredients and formulations would meet each customer's unique goals, and Maciejewski created the custom production system to fill each order. Function of Beauty currently sells its products in 45 markets and employs more than 400 people.
Ushering in Continued Growth
"In the last five years, the brand has seen phenomenal growth and this investment from L Catterton will further fuel our continued expansion,” commented Function of Beauty's co-founders. “We are excited to partner with a proven investor in some of the world's leading consumer brands to realize the many growth opportunities ahead. International expansion beyond our existing 45 markets will continue to be a key priority, along with the pursuit of new avenues for growth within the U.S. as we introduce more customers to the benefits of customization."
"Function of Beauty has cracked the code of mass customization and is poised to redefine the beauty landscape," said Avik Pramanik, a partner of L Catterton's Flagship Buyout Fund. "We are delighted to partner with Zahir, Joshua, Hien, and the Company's passionate team to grow the brand. Together, we look forward to deploying an even more aggressive growth marketing strategy in domestic and international markets while fostering breakthrough product innovation in haircare, skincare, and more."
L Catterton has significant experience investing globally in differentiated consumer brands including those in the beauty and skincare space. Current and past investments include The Honest Company, Elemis, Bliss, Il Makiage, Frederic Fekkai, Nutrafol and Tula.
The transaction, which is subject to customary closing conditions, is expected to close in fourth quarter 2020.
The investment will accelerate the company's product development, support its continued worldwide expansion, and build upon its already industry-leading customized manufacturing capabilities.
Function of Beauty was founded in 2015 by CEO Zahir Dossa, COO Joshua Maciejewski, and CSO Hien Kaplan, with the purpose of bringing the benefits of customization to a broad audience. They took a problem-solution approach, utilizing each co-founder's unique skillset. Dossa and Kaplan developed the proprietary quiz, defining which ingredients and formulations would meet each customer's unique goals, and Maciejewski created the custom production system to fill each order. Function of Beauty currently sells its products in 45 markets and employs more than 400 people.
Ushering in Continued Growth
"In the last five years, the brand has seen phenomenal growth and this investment from L Catterton will further fuel our continued expansion,” commented Function of Beauty's co-founders. “We are excited to partner with a proven investor in some of the world's leading consumer brands to realize the many growth opportunities ahead. International expansion beyond our existing 45 markets will continue to be a key priority, along with the pursuit of new avenues for growth within the U.S. as we introduce more customers to the benefits of customization."
"Function of Beauty has cracked the code of mass customization and is poised to redefine the beauty landscape," said Avik Pramanik, a partner of L Catterton's Flagship Buyout Fund. "We are delighted to partner with Zahir, Joshua, Hien, and the Company's passionate team to grow the brand. Together, we look forward to deploying an even more aggressive growth marketing strategy in domestic and international markets while fostering breakthrough product innovation in haircare, skincare, and more."
L Catterton has significant experience investing globally in differentiated consumer brands including those in the beauty and skincare space. Current and past investments include The Honest Company, Elemis, Bliss, Il Makiage, Frederic Fekkai, Nutrafol and Tula.
The transaction, which is subject to customary closing conditions, is expected to close in fourth quarter 2020.
