Australian skincare brands Boost Lab and TBH Skincare merged via a $3.3 million Series B funding round.

WHO: Founded in October 2020 by well-known industry entrepreneur Craig Schweighoffer, Boost Lab sells a range of skincare serums targeting dullness and blemishes that retail for between $29.95 and $39.95. The brand is sold though pharmacy retail partnerships like Priceline, Farmers, and TerryWhite Chemmart.

TBH Skincare, founded in 2020 by co-founders Rachael Wilde and Bridget Mitchell, sells a range of acne-focused products, with patches ranging from $19.95 to $59.95. As of April 2023, the brand has been available in over 400 Priceline stores in Australia. The brand has also seen 509% revenue growth since January 2022.

WHY: The merger and funding will reportedly be used for new product development and expansion into new international markets.

IN THEIR OWN WORDS: "It is fantastic to be partnering with such a strong brand and outstanding founders, Rachael and Bridget. It truly is a match made in heaven with York Street Brands having a complete management team that is without peers. Further, with a strong balance sheet, York Street Brands can fast-track the significant growth opportunities that lay ahead. Exciting times," Schweighoffer said in a statement.

"Bridget & I are very excited to be joining forces with the BOOST LAB team. It is very rare to find such complementary skill sets across two businesses at an executive level. We feel extremely lucky to be able to work side by side with someone like Craig who has such a wealth of experience in the industry. We feel well equipped to take on this next stage of growth for both businesses as a united team and can't wait to see what's to come," Wilde said in a statement.

DETAILS:

• The merger of Boost Lab and TBH Skincare formed York Street Brands.
• Alium Capital has been Boost Lab's biggest investor since it was founded in 2020, and led the $3.3 million in Series B funding with participation by Bondi plastic surgeon Michael Miroshnik and Profeta Investments.
• The executive team will merge, but both brands will maintain their branding publicly. 
• Boost Lab co-founder Craig Schweighoffer has been named CEO of York Street Brands.
• TBH Skincare co-founder Rachael Wilde will become Chief Marketing Officer and co-founder Bridget Mitchell will become Chief Financial Officer of York Street brands.
• Boost Lab raised approximately $5.3 million in funding before the merger, closing a Series A in 2021. Investors include Belz Family & Associates (BF&A), Alium Capital, Dr. Michael Miroshnik, Profeta Investments, and Yaru Ventures.