Function of Beauty has acquired Atolla, a personalized skincare company with a patented at-home skincare test and a data-driven product recommendation system that helps inform tailored formulations and regimens over time.
WHO: Atolla is a skincare system founded in 2018 by then MIT graduate student Meghan Maupin and leading dermatologist Dr. Ranella Hirsch. Atolla uses machine learning to create simple custom routines while also providing virtual guidance to support vibrant and healthy skin. Their patented MIT-developed skin assessment identifies the exact percentage and combination of ingredients for each user's unique needs and creates their optimized skincare system.
Function of Beauty was founded in 2015 by CEO Zahir Dossa, COO Joshua Maciejewski, and CSO Hien Kaplan with the purpose of bringing the benefits of customization to a broad audience. They took a problem-solution approach, utilizing each co-founder's unique skill set to build a vertically integrated custom production system to deliver customizable beauty products at scale.
WHY: Both companies were founded by MIT graduates and share a common vision to revolutionize beauty through customization and data science. The acquisition will further Function of Beauty's skincare offering by combining the companies' complementary strengths.
IN THEIR OWN WORDS: "Six years ago, we launched the first direct-to-consumer personalized beauty products with customized haircare, which remains the most advanced offering of customized haircare to date on the market. With the acquisition of Atolla, Function of Beauty now has the ability to offer the world's most advanced skincare system—one that is truly personalized to every single customer through the combination of our groundbreaking manufacturing technologies and Atolla's patented skincare system," said Function of Beauty co-founder and CEO, Zahir Dossa. “Function of Beauty is striving to revolutionize the beauty industry by making personalization the new norm, and this is one step further to make that vision a reality."
“They've got a best-in-class data-science engine," Dossa said. "Plus, they've got this patented skin care system, which makes it even easier to have a conversation and ongoing relationship with customers. With this acquisition, we get to have the most advanced skin care offering the world's ever known. That was too tempting to pass up on.”
“We've always been on a mission to change the mass skincare model," said Atolla co-founder and CEO Meg Maupin. "Now more than ever, the beauty consumer is looking for a routine they can rely on, so we created a unique skincare system that is both simple and powerfully effective. With the extraordinary reach and capabilities of Function of Beauty, our patented technology can rapidly expand, and we are absolutely thrilled to be moving forward together.”
- Atolla and Function of Beauty will ensure a smooth and transparent transition for all customers, with a renewed and improved custom skincare offering to launch in Q1 2022.
- All seven Atolla employees will join Function of Beauty.
- Atolla closed a $2.5 million seed round led by Lyra Growth Partners in July 2020 and secured a $1.5 million tranche of pre-seed funding in 2019.
- In December 2020, Function of Beauty raised a $150 million strategic minority investment from L Catterton; CircleUp and GGV also reinvested during this round. This round brought the total raised by the business to $162 million. The business was said to be seeking a $1 billion valuation and have about $100 million in sales at the time of the investment.
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