07.08.24
Beauty technology company, BoldHue is preparing to launch a new device that aims to be the “Keurig for makeup,” offering a fully customizable foundation. The company has raised $3.3 million in seed funding for a total of $5.3 million in funding to finance and launch the device.
The funding round was led by Lucas Venture Group with participation from Capital Eleven, Backstage Capital, Tacoma Ventures, Mark Cuban, and Kevin Huvane.
BoldHue was founded in 2020 by Rachel Wilson, former owner of candle brand Montane Designs, and Karin Layton, former engineer at Raytheon.
BoldHue personalized foundation device plans to launch in mid to late 2024 and is currently available for preorder.
The company has its own light to medium coverage foundation and will work with third-party brands for additional foundation offerings.
Rachel Wilson, Co-Founder and CEO of BoldHue, commented,
"We're incredibly grateful for the overwhelming support from our investors who share our vision for revolutionizing the beauty-tech industry. This funding milestone not only validates our technology but propels us forward in our mission to launch our personalized foundation device to all consumers and makeup enthusiasts alike. We are thrilled to be able to embark on the next phase of BoldHue's journey.”
The device is designed to easily fit in bathrooms and hold six cartridges with five colors that combine to create a customized shade for individual users. It also includes a wand that dispenses the customized mixed foundation.
Cartridge refills include roughly a month’s worth of foundation and can create millions of different shades. This decreases overall costs as well as packaging and product waste.
The device scans the user’s face in three locations to create an accurate shade that can be applied to the whole face.
Managing Partner Sarah Lucas, commented,
"Supporting these trailblazing women from day one has been an absolute pleasure. Rachel and Karin have engineered the most elegant solution the beauty-tech industry has ever seen, setting a new standard for innovation and excellence. The 'wow' moment when people realize their perfect match foundation is delivered instantly is incredible!"
The company plans to begin shipping the first 10,000 units this fall with 40,000 total members currently on the waitlist. The device has gained a lot of traction and popularity on TikTok.
