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iNNBeauty Project Closes $12M Series B Funding Round
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
iNNBeauty Project has successfully closed a Series B investment led by Alliance Consumer Growth, with support from existing investors. The funds will enhance brand growth and boost exposure in Sephora, targeting expansion into Sephora Canada's omnichannel operations within the first half of 2023. iNNBeauty Project aims for further innovation and improved brand awareness after experiencing a remarkable 160% year-over-year growth.
Positive
Closed a Series B investment, securing capital for growth.
Plans to expand distribution in Sephora Canada in 2023.
Investment will enhance product innovation and increase brand visibility.
Negative
None.
New Capital to Drive Domestic Growth and International Expansion
NEW YORK--(BUSINESS WIRE)--
iNNBeauty Project, an effective, clean, and accessible skincare brand for the next generation, announces today the closing of a Series B investment led by leading consumer investor Alliance Consumer Growth (“ACG”) with participation from existing investors Strand Equity and Beechwood Capital. As part of this investment, ACG managing partner, Julian Steinberg, will be joining the company’s board. Funds will be allocated toward growing the brand and supporting its exposure in Sephora, with plans to expand distribution to Sephora Canada’s omnichannel operation in the first half of 2023.
iNNBeauty Project launched in Sephora stores and online in 2021 (Photo: Business Wire)
“Seeing our iconic products like Green Machine & Pimple Paste continue to engage new users in-store and on digital platforms is so rewarding as we look toward the new year,” said Alisa Metzger, Co-Founder of iNNBeauty Project. “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.”
“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,” said Julian Steinberg, Managing Partner of ACG. “We look forward to working with the incredible management team to disrupt and democratize prestige skincare.”
Skincare veterans Metzger and Jen Shane launched iNNBeauty Project in 2019 after identifying a void in the beauty space for clean, efficacious and affordable skincare. After a successful nationwide launch in-store and online with Sephora, the brand is poised to deploy the newly raised capital toward growing brand awareness, supporting its Sephora relationship, bringing more innovative products to market and hiring key members of the team. Consumers responded, fueling iNNBeauty Project towards 160% year-over-year growth and gaining the attention of Sephora. Now available in all 517 Sephora stores and Sephora online, iNNBeauty Project seeks to continue its meteoric rise.
“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,” said Shane, Co-Founder of iNNBeauty Project. “Every aspect of how we approach a formula remains consumer focused to deliver a superior product & 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 & value while building a highly trusted brand with loyalty & longevity.”
About iNNBeauty Project
Founded by two beauty industry veterans, iNNBEAUTY PROJECT stands for skincare without compromise, so you can have it all – effective, clean & sustainable, without breaking the bank. We take every step possible to cut out the middleman and avoid spending on things that don't matter (like a fancy office) so we can pass along the savings to our customers. Our products stand up to the best-of-the-best when it comes to efficacy & quality, while being a fraction of the price. For more information, please visit www.innbeautyproject.com.
About ACG
Alliance Consumer Growth ("ACG") is a leading growth equity fund providing capital and value-added partnership to the most promising emerging consumer product and retail brands. Notable brands that ACG successfully partnered with as an early investor include OUAI Haircare (later acquired by Procter & Gamble), Milk Makeup (later acquired by Waldencast), Tata Harper (later acquired by Amore Pacific), Pacifica Beauty, SuperOrdinary, Nudestix, Harry’s, SKIMS, Herschel Supply Co., Shake Shack (later completed an IPO as NYSE: SHAK), Babyganics (later acquired by SC Johnson), barkTHINS (later acquired by Hershey's), Krave Jerky (later acquired by Hershey's), and Suja Juice (later acquired by CocaCola), among many others. ACG has offices in New York City and Los Angeles. For more information, please visit www.acgpartners.com.
About Strand Equity
Strand Equity is a Los Angeles-based growth equity firm investing in the next generation of iconic consumer brands and services. Strand is led by a team of experienced and successful investors and entrepreneurs. With a permanent capital base, Strand maintains a flexible approach to structure and partnership, enabling dynamic entrepreneurs and management teams to accelerate growth and build durable businesses. Current and realized investments include Youth To The People, Oatly, Studio McGee, Real Good Foods, Bai Brands, Sweaty Betty, HUM Nutrition and Vita Coco, among others. For more information, please visit: https://strandequity.com/.
About Beechwood Capital Beechwood Capital invests in unique, disruptive early and growth stage consumer brands. Founded by former entrepreneurs and experienced operators, Beechwood is ideally positioned to invest in other strong entrepreneurs who are creating the next generation of consumer brands. Current and realized investments include Banza, Kosas Cosmetics, Once Upon a Farm, Shani Darden Skincare, Tatcha (Acquired by Unilever) and Violet Grey (Acquired by Farfetch), among others. For more information, please visit: www.beechwoodcap.com.
