Glossier, the nearly four-year-old direct-to-consumer beauty company, has landed $52 million in Series C funding in what it describes as a heavily oversubscribed round. The financing was led by earlier investors IVP and Index Ventures. In typical Glossier fashion, the news was shared via an Instagram post.
WHO: Launched in 2014 by Emily Weiss, Glossier is the community-driven, direct-to-consumer beauty company with an inclusive, customer-centric approach to brand building that has made it a leader in the rapidly evolving global beauty industry. Glossier is the beauty brand you want to be friends with. Everything that Glossier does is inspired by real girls and designed for real life.
WHY: The fresh injection of capital will be used to focus on new digital products and experiences to further expand the Glossier community.
IN THEIR OWN WORDS: “E-commerce has made buying easier and more efficient, but discovery less fun and meaningful. Our direct-to-consumer model has enabled us to build uniquely powerful relationships with every single one of our customers on a personal level. We know that our customers are driven by the excitement of finding a new beauty product that they love, through someone they trust. This breadth of human connection and celebration of personal choice is core to who we are, and something we want to further facilitate and develop through new digital products—and, indeed, across all of our customer touchpoints. We are building a people-first ecosystem, to help and to inspire.”
- Institutional Venture Partners (IVP) and Index Ventures co-led the Series C round, with participation from existing investors Thrive Capital, Forerunner Ventures, and 14W.
- New investors Imaginary Ventures and Starbucks founder Howard Schultz joined this round.
- According to WWD industry sources say this third round of funding of $52 million values the business at about $390 million.
- The same source told WWD that the business is not yet profitable and that it has an estimated $40 million in sales.
- To date, Glossier has raised a total of $86 million in four rounds of funding.
- The company doesn’t disclose its revenue numbers, but told TechCrunch it saw three times as much revenue last year as in 2016.
- Glossier opened offices in London and Montreal, after quietly acquiring a small Canadian digital strategy studio called Dynamo. One of Dynamo’s cofounders, Bryan Mahoney, is now Glossier’s CTO.
- The total number of products in the brand’s offering is now 22.
- The brand says their Glossier Girls rep program has grown tremendously.
- Glossier new funding coincides with the brand hitting 1MM followers on Instagram.
Photo: glossier via Instagram