InnBeauty Project closes 12 million US dollar funding round
InnBeauty Project, which offers accessible clean and sustainable skincare, has raised 12 million US dollars in a Series B funding round led by Alliance Consumer Growth (ACG).
The investment also included participation from existing investors Strand Equity and Beechwood Capital. The funds will be used to grow the brand and support its expansion partnership with Sephora, including expanding distribution to Sephora Canada during the first half of 2023.
Alisa Metzger, co-founder of InnBeauty Project, said in a statement: “Seeing our iconic products like Green Machine and Pimple Paste continue to engage new users in-store and on digital platforms is so rewarding as we look toward the new year.
“While the bright packaging attracts audiences, it’s what’s in the bottle that drives captivating content and engagement. On top of that, the attractive price point is what keeps customers coming back and we’re so excited that ACG believes in our products as much as we do. With their support, we’ll be able to provide even more effective products to our customers.”
As part of this investment, InnBeauty Project added that ACG’s managing partner Julian Steinberg will be joining the company’s board.
Steinberg added: “It’s an exciting time for the clean beauty industry and we are proud to support InnBeauty Project, which is leading the charge and raising the bar for others in the space by delivering truly best-in-class formulas at an unbelievable price point.
“We look forward to working with the incredible management team to disrupt and democratize prestige skincare.”
InnBeauty Project targets growth and international expansion following Series B funding round
InnBeauty Project was founded in 2019 by skincare veterans Metzger and Jen Shane after identifying a void in the beauty space for clean, efficacious, and affordable skincare. Following a successful nationwide launch in-store and online with Sephora, the brand states it will use the newly raised capital to grow its brand awareness and support its Sephora relationship, while also bringing more innovative products to market and hiring "key members" for the team.
Consumers are also responding to InnBeauty Project’s offering as it states it has reached 160 percent year-over-year growth and is now available in 517 Sephora stores and Sephora online.
Shane, co-founder of InnBeauty Project, added: “As the brand grows, we remain acutely focused on setting InnBeauty Project apart through truly innovative, efficacious formulas with top-quality ingredients at an unmatched value.
“Every aspect of how we approach a formula remains consumer focused to deliver a superior product and experience. Our patent-pending Retinol Remix is a great example of how we listened to our customers, who were desperately seeking a retinol option without the harsh side effects. Our goal with every product we develop is to change the skincare industry for the better with innovation and value while building a highly trusted brand with loyalty and longevity.”