Counter Brands LLC, parent company of Beautycounter, has secured about $65 million more funding and a new strategic investor to fuel expansion. This round values the brand at about $400 million as reported by Bloomberg.
WHO: Launched by Gregg Renfrew, a former retail consultant in 2013, Beautycounter is a direct-retail brand of safer and cleaner skincare and cosmetics. Their peer-to-peer selling model of 25,000+ consultants across North America who earn 25% of each sale is the largest channel. The products are also available through strategic partnerships including J.Crew, Goop, and a limited-edition collection with Target launching fall 2016. Beautycounter is known for its Never List™ of more than 1,500 ingredients they choose to never use when creating their products.
Mousse Partners Limited is a single-family office run by Charles Heilbronn with deep experience investing in the consumer and beauty sectors. Their portfolio of investments includes specialty beauty retailer Ulta, as well as Bonobos, Paddle9, and One Kings Lane.
WHY: The new capital is earmarked for growth and building and the creation of a more robust omnichannel business along with technology and digital and brand marketing.
IN THEIR OWN WORDS: “We are excited to work with Mousse and benefit from their deep strategic, operational and sector expertise,” says chief executive Gregg Renfrew in a statement. “They will be instrumental in helping us accelerate our growth as the leader in not only the safe beauty space, but the beauty industry as a whole.”
Parker Hayden, Managing Director and Head of U.S. Private Equity at Mousse Partners said, “We are thrilled to partner with Beautycounter and its talented management team to support their efforts to lead the safe ingredient movement within the beauty industry. Gregg is not only an inspirational founder who unites the community around the shared goal of using safe and effective products, but also a visionary. We believe that the trend she started with Beautycounter will eventually become the norm for all beauty products.”
“Gregg and her team are not only creating outstanding products, but they are building a movement that we believe can change the beauty industry and consumers’ lives for the better,” said Mike Stone, Partner at TPG and CIO of The Rise Fund. “We’re excited to continue partnering with Beautycounter as they pursue their next stage of growth.”
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