Perfume brand The 7 Virtues has received investment in a funding round led by Unilever Ventures with participation from True Beauty Ventures. This investment represents the first institutional financing round for 7 Virtues and the first fragrance investment by both parties.
WHO: Founded in Canada in 2010 by entrepreneur, author, and activist Barb Stegemann, The 7 Virtues brand is the thesis of her best-selling book The 7 Virtues of a Philosopher Queen: A Woman's Guide to Living & Leading in an Illogical World. The brand stands as a beacon of social and environmental consciousness, pioneering the clean and sustainably sourced fragrance category with a contemporary fragrance collection that includes a sought-after mix of heroes: Vanilla Woods, Coconut Sun, Cherry Ambition, Lotus Pear, and Santal Vanille. The brand is available exclusively on its website and at Sephora in 18 countries, including Canada, US, UK, Europe, Australia, and New Zealand.
WHY: The investment will be used for the opening of a New York office, expand its team, amplify global expansion with Sephora, and fund inventory to fuel expansion. The brand will also open a "Maison" in Nova Scotia, Canada, where clients can come to visit and create bespoke perfumes.
IN THEIR OWN WORDS: "We are thrilled to partner with Barb Stegemann and The 7 Virtues for Unilever Ventures' first investment in fragrance. The 7 Virtues has cracked the code on creating long-lasting perfumes using sustainable ingredients that their loyal customers love, along with their empowering and authentic story," says Anna Ohlsson-Baskerville, Partner at Unilever Ventures. "Driven by its philosophy, The 7 Virtues is elevating from an exciting indie brand to a legacy brand and we're delighted to be a part of its growth journey."
Stegemann, CEO of The 7 Virtues shared, "We are so grateful to have the wisdom of our board and partners. It’s already changed the way we operate. Having Unilever Ventures and True Beauty with their beauty expertise they are helping all of us to become more efficient and do more of what we love with better results. "
Cristina Nuñez, True Beauty Ventures co-founder and Partner, says "True Beauty Ventures takes immense pride in this partnership as our investment mirrors our shared aspiration for a beauty industry that is both responsible and transparent."
Additionally, Rich Gersten, True Beauty Ventures co-founder and Partner, shared True Beauty Ventures' excitement about the fragrance brand's projected growth: "When an indie brand like The 7 Virtues outpaces brands with million dollar budgets, they prove the revenue potential is explosive with the right type of support, which we are excited to provide as this team takes The 7 Virtues to the next level. We were incredibly impressed by the brand's strong productivity in fragrance, due in part to the most innovative, authentic guerrilla marketing tactics that resonate with clients."
DETAILS:
