By Allison Collins. Source: WWD.
Glossier is at it again — fund-raising, that is.
The direct-to-consumer beauty start-up just raised a $24 million Series B round led by IVP with support from Index Ventures, Glossier founder and chief executive officer Emily Weiss wrote on blog Into the Gloss on Wednesday. IVP has also invested in Twitter, The Honest Co., Slack and Casper, while Index Ventures counts Dubsmash, Justworks and Slack among its investments.
Glossier had previously raised about $10.4 million in funding from a seed and series A round in 2014. The latest capital infusion will allow Glossier to continue its expansion.
“This cash infusion will help us see through our vision of Glossier becoming a truly global community,” Weiss wrote. “That means launching products in two new categories, opening permanent retail…and, yes, finally going international.”
The business was launched in 2014 with four products, its Phase 1 Set, that includes Milky Jelly Cleanser, Priming Moisturizer, Balm Dotcom and Perfecting Skin Tint. Glossier was launched on Instagram, where today the brand has almost 340,000 followers.
The brand sits in ever popular niche between skin care and makeup with products that aim to reduce the amount of makeup a user feels compelled to wear. In an interview earlier this year Weiss said that when the Priming Moisturizer was formulated it was meant to give skin a velvety feel and calm down redness, saying, “we added an anti-tiredness ingredient that…allows you to not wear as much foundation.” At that point she said the brand’s growth was driven in part by serious replenishment: “Our girls who start with Priming Moisturizer end up buying it two-and-a-half to three times per year,” Weiss said.
For Phase 2, the company developed its makeup offering with products like Generation G lip color, brow product Boy Brow and Stretch Concealer. The business has also launched a highlighter, serum range and Black Tie Set, complete with eyeliner, lip gloss and nail polish. Products range from about $12 to $26 and are frequently out of stock. The brand also sells sweatshirts, headbands, pins and its signature pink pouches.