BEAUTY PIE Raises $100m In Series B Funding Round
LONDON, Sept. 8, 2021 /PRNewswire/ -- BEAUTY PIEⓇ, the first luxury beauty buyers' club, today announced completion of a Series B financing round of $100m. Index Ventures co-led the round with US-based global private equity and venture capital firm Insight Partners, existing investors Balderton Capital and General Catalyst and Latitude VC, sister fund to London-based seed investor LocalGlobe. This brings BEAUTY PIE's total funding to date approximately to $170m.
With the new round of funding, BEAUTY PIE plans to turn the high-markup beauty industry upside down, with more warehouses, pop-up shops and a new membership model (for devotees), dubbed BEAUTY PIE® PLUS. BEAUTY PIE experienced exponential growth during the acceleration of D-to-C shopping during the COVID pandemic, doubling its number of members in FY2021.
Danny Rimer, Partner at Index Ventures, commented: "BEAUTY PIE delivers huge value to its customers demonstrated by exceptional member loyalty over many years. It's a model that marries true industry disruption with customer obsession - a winning combination."
Rebecca Liu, Principal at Insight Partners, also commented: "Marcia has spent decades building businesses that genuinely treat customers the way she would want to be treated, and BEAUTY PIE is the epitome of that ethos. With its transformative value chain and membership model, BEAUTY PIE lets members have their pie and eat it too: the best products at the best prices. We look forward to our partnership with BEAUTY PIE as they continue to empower beauty and wellness consumers across the UK, the US, and beyond."
Founded in 2016 by serial entrepreneur and beauty-industry expert Marcia Kilgore, BEAUTY PIE gives customers access to world-class quality health and beauty products manufactured at the industry's leading third-party labs (including products from exclusive suppliers in Switzerland, France, Germany, Japan, Italy, the UK, and the USA), at unbeatable direct-from-the-warehouse prices. It's like Netflix, but for super-high quality beauty and wellness products.
"We are about empowerment, self-worth, and encouraging customers to demand more out of life, even if that means starting with their makeup or their moisturizer. We want millions of customers to have access to our 'no-middlemen, no-ridiculous retailer markup' pricing" said Kilgore.
ABOUT BEAUTY PIE
Beauty guru and serial entrepreneur, Marcia Kilgore, launched Beauty Pie in December 2016, challenging the old definition of 'luxury' and blowing the lid off the 'mainstream' premium beauty industry. The world's first luxury beauty Buyers' Club, Beauty Pie is on a mission to give members insider access to shop for products direct, from the world's best third-party suppliers in premium skincare, makeup, haircare, bodycare, candles, fragrance, accessories and nutritional supplements, without paying the crazy 10X1 typical industry markups. Members benefit from getting a bigger piece of the BEAUTY PIE.
ABOUT INDEX VENTURES
Index Ventures is a venture capital firm based in London, San Francisco and Geneva, helping entrepreneurs turn bold ideas into transformative international businesses. Since 1996, we've partnered with exceptional entrepreneurs in Europe, the U.S. and Israel, who are using technology to reshape the world around us. The companies they've started include Adyen, Deliveroo, Dropbox, Farfetch, King, Slack and Supercell. Index covers every investment stage, from earliest seed through to explosive growth. We believe that opportunity is a mindset and we look for people who spot something others haven't seen; something that they foresee can change the world and are committed to realising. More than anything, we are passionate about building lifelong relationships with the entrepreneurs we work with, which is why they are our best reference.
ABOUT INSIGHT PARTNERS
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
1 Source: Peer annual reports, Capital IQ
SOURCE BEAUTY PIE