The nine-year-old start-up has been dubbed the ‘unicorn’ of the booming online beauty sector thanks to its latest round of Series D funding.
Glossier said in a statement on Tuesday that it’s raised $100 million in funding, which it intends to use to “build the future” of the beauty business. Sequoia Capital reportedly led the round, with assistance from Tiger Global Management, Spark Capital and Forerunner Ventures, Thrive Capital, IVP and Index Ventures.
According to Emily Weiss, the founder and CEO of Glossier, the brand has come a long way from its early days as a beauty blog, with the business more than doubling its revenue in 2018. This, along with the acquisition of more than one million customers to its portfolio has raised the brand’s valuation to roughly $1.2 billion.
“We are building an entirely new kind of beauty company: one that owns the distribution channel and makes customers our stakeholders,” she said.
“Thanks to this direct relationship with our customers, we have access to endless inspiration for new products, experiences, and ways of building an enduring business—all while staying true to our core belief that beauty should be a celebration of individuality and personal choice.”
Weighing in on the $100 million funding round, Michael Abramson, a partner at Sequoia said he has every confidence Glossier will not only redefine its place in the beauty industry, but it will also set the pace for the next era of the beauty sector.
“Glossier has built an exceptional brand and relationship with its customers, and its business fundamentals are equally impressive… This is one of the most efficient direct-to-consumer businesses we’ve encountered, and with this new capital, we believe Glossier is well positioned to define the next era of the beauty industry,” Abramson said.
With online beauty sales expected to $120 billion globally by 2024, General Partner at Spark Capital, Megan Quinn went so far as to say that Glossier is the “defining company” of the digital economy.
“The industry’s conglomerates are ill-equipped to retrofit their businesses to this new reality. With its digital-first DNA and enthusiasm for meeting consumers where they are, we believe Glossier is the defining company of this new channel,” she said.
In the same announcement, Glossier also revealed that it has appointed a new Chief Financial Officer. Technology industry veteran, Vanessa Wiitman will be taking over the top role, having come from leadership roles at Oath and Dropbox, among others.
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