Total amount raised
$247.9 Millions
Latest funding date
01/01/2022
Location
Function of Beauty has successfully raised funding through multiple rounds, attracting a diverse group of investors. The company continues to innovate in the personalized beauty industry, offering custom haircare, skincare, and bodycare products.
Keep reading to explore the intricacies of Function of Beauty's fundraising journey and the investors backing this innovative platform.
What Is Function of Beauty?
Function of Beauty, founded in 2015, is a New York-based company specializing in personalized beauty products. The company was established by Hien Nguyen, Joshua Maciejewski, and Zahir Dossa.
Operating in the beauty, consumer goods, and e-commerce industries, Function of Beauty offers custom haircare, skincare, and bodycare products. The company employs between 251 and 500 people, focusing on creating products tailored to individual needs using naturally-derived, cruelty-free, and vegan ingredients.
How Much Funding Has Function of Beauty Raised?
- Pre-Seed Round
- Amount Raised: $86.5K
- Date: August 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial product development.
- Pre-Seed Round
- Amount Raised: $120K
- Date: March 2016
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the product and prepare for market entry.
- Seed Round
- Amount Raised: $1.3M
- Date: March 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial market launch and early-stage growth.
- Seed Round
- Amount Raised: $1M
- Date: January 2017
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale operations.
- Series A
- Amount Raised: $9.6M
- Date: March 2017
- Lead Investors: Notable Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial scaling and product development.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: March 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and expanding market reach.
- Series B
- Amount Raised: $150M
- Date: December 2020
- Lead Investors: L Catterton
- Valuation at Round: Estimated $1 billion
- Motivation Behind the Round: To scale personalized beauty operations, expand globally, and develop new products.
- Venture Round
- Amount Raised: $85.8M
- Date: January 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and market expansion.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2022
- Lead Investors: SoGal Ventures, ATEL Growth Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue expanding product lines and market presence.
Total Amount Raised: $338.3M
Current Valuation: Estimated $1 billion
Key Investors
- L Catterton
- Details: L Catterton is a global consumer-focused private equity firm. They are known for investing in middle-market companies and emerging high-growth enterprises.
- Investment Focus Areas: Consumer brands, beauty, health, wellness
- Notable Investments: Peloton, The Honest Company, ClassPass
- GGV Capital
- Details: GGV Capital is a venture capital firm that invests in seed-to-growth stage companies. They focus on sectors like consumer, enterprise, and frontier tech.
- Investment Focus Areas: Consumer, enterprise, frontier tech
- Notable Investments: Alibaba, Slack, Square
- SoGal Ventures
- Details: SoGal Ventures is a venture capital firm that invests in early-stage diverse founding teams in the U.S. and Asia. They are known for their focus on diversity and inclusion.
- Investment Focus Areas: Early-stage investments, diverse founding teams, U.S. and Asia
- Notable Investments: Known for investing in diverse founding teams and early-stage companies.
- ATEL Growth Capital
- Details: ATEL Growth Capital provides growth capital to companies in various stages of development. They focus on supporting companies through different growth phases.
- Investment Focus Areas: Growth capital, various stages of development
- Notable Investments: Known for providing growth capital to a variety of companies.
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a venture capital firm that invests in early-stage companies. They have a long history of successful investments in various sectors.
- Investment Focus Areas: Early-stage companies, technology, healthcare
- Notable Investments: LinkedIn, Shopify, Pinterest
What's Next for Function of Beauty?
Function of Beauty stands at the cusp of significant growth opportunities. With plans to scale its personalized beauty operations and expand into new markets like Latin America and China, the company is poised to deepen its market penetration. The potential for growth is immense, given the increasing demand for customized beauty products and the company's current presence in 45 markets.
Future fundraising opportunities appear promising, as strategic buyers have shown considerable interest in the company. This could lead to further investments or even acquisitions, enabling Function of Beauty to continue its expansion and innovation efforts. However, the company will need to navigate challenges such as managing the complexities of scaling operations and maintaining quality standards.
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