Beauty Pie raises $100 million in new funding round
Luxury beauty buyers' club Beauty Pie announced on Wednesday that it has closed a Series B financing round of $100 million, bringing its total funding to date to approximately $170 million.
The company, which gives members insider access to shop for products direct, from the world's best third-party suppliers in premium skincare, makeup, haircare, and more without industry markups, said it will use the proceeds from its latest financing round to “turn the high-markup beauty industry upside down” with warehouses, pop-up shops and a new membership model (for devotees), dubbed 'Beauty Pie Plus'.
The funding round was co-led by Index Ventures with U.S.-based global private equity and venture capital firm Insight Partners, as well as existing investors Balderton Capital and General Catalyst and Latitude VC, sister fund to London-based seed investor LocalGlobe.
The new funding follows Beauty Pie’s exponential growth experienced during the acceleration of direct-to-consumer shopping during the Covid-19 pandemic, where it doubled its number of members in FY2021.
"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 serial entrepreneur and beauty-industry expert, Marcia Kilgore, who founded the company in 2016.
Today, Beauty Pie is recognized for providing access to top quality health and beauty products, at competitive direct-from-the-warehouse prices.
"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,” added Rebecca Liu, principal at Insight Partners.
“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 U.S., and beyond."
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