How Much Did Proven Skincare Raise? Funding & Key Investors

Proven Skincare has successfully raised funding over four rounds, with the latest being a Series A round. The company is backed by 14 investors, including NewH2 and Belcorp Ventures.

Keep reading to explore the intricacies of Proven Skincare's fundraising journey and the investors backing this innovative platform.

What Is Proven Skincare?

Proven Skincare is a private company based in San Francisco, California, specializing in personalized skincare solutions. The company leverages artificial intelligence to create scientifically-backed, clean, and effective skincare products.

Operating within the beauty, cosmetics, e-commerce, and lifestyle industries, Proven Skincare employs between 11-50 people. The company offers a range of products, including cleansers, moisturizers, creams, and serums, all tailored to individual skin needs.

How Much Funding Has Proven Skincare Raised?

1. Series A
   • Amount Raised: USD 12,200,000
   • Date: September 2023
   • Lead Investors: NewH2
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand Proven's two brands (Proven Skincare and Noteworthy) and to build out its team.
2. Seed
   • Amount Raised: USD 6,000,000
   • Date: February 2019
   • Lead Investors: Belcorp Ventures
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: Initial capital to develop the AI technology and personalized skincare products, and to reach breakeven.
3. Seed
   • Date: March 2018
   • Investor Count: 5
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support early-stage business operations and product development.
4. Seed
   • Date: January 2018
   • Investor Count: 9
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To fund initial product development and market research.

Total Amount Raised: USD 18,200,000. Current Valuation: Not publicly disclosed.

Key Investors

• NewH2 Ventures
  • Details: NewH2 Ventures is the innovation arm of Health & Happiness Group Ltd. They led the Series A funding round for Proven Skincare, investing $12.2 million.
  • Investment Focus Areas: Health, beauty, wellness.
  • Notable Investments: Proven Skincare.
• Belcorp Ventures
  • Details: Belcorp Ventures is a venture capital firm that focuses on investing in innovative beauty and personal care companies. They led the seed funding round for Proven Skincare, investing $6 million.
  • Investment Focus Areas: Beauty, personal care, wellness.
  • Notable Investments: Proven Skincare.
• Soma Capital
  • Details: Soma Capital is a venture capital firm that invests in early-stage technology companies. They participated in the funding rounds for Proven Skincare.
  • Investment Focus Areas: Technology, e-commerce, AI.
  • Notable Investments: Rappi, Razorpay, Rippling.
• UpHonest Capital
  • Details: UpHonest Capital is a venture capital firm that focuses on early-stage investments in technology and consumer sectors. They are one of the investors in Proven Skincare.
  • Investment Focus Areas: Technology, consumer, AI.
  • Notable Investments: Proven Skincare.
• Z Nation Lab
  • Details: Z Nation Lab is an early-stage accelerator and venture capital firm that supports startups with funding and mentorship. They are among the investors in Proven Skincare.
  • Investment Focus Areas: Technology, AI, consumer products.
  • Notable Investments: Proven Skincare.

What's Next for Proven Skincare?

Proven Skincare is poised for significant growth, leveraging its AI technology to expand its personalized skincare and fragrance lines. The company plans to use its recent funding to enhance product development, advance technology, and expand into new markets, including Europe and the U.K. With partnerships like Sephora and a growing consumer demand for personalized beauty products, Proven is well-positioned to capitalize on these opportunities.

Future fundraising efforts could focus on further international expansion and advanced AI technology development. Proven's demonstrated growth and profitability make it an attractive candidate for additional venture capital funding or strategic investments from larger beauty or tech companies. However, the company will need to navigate challenges such as competition, maintaining product quality, and managing supply chain complexities as it scales.

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