Beauty hasn’t been attractive to investors lately. Just over $300 million in venture funding went to the category this year, down 50% from the same period last year.  So far 2023 is “on track to deliver the lowest annual tally for beauty-related funding in years.”Oddity Went Public – It’s Profitable and Showing GrowthMeanwhile, Oddity Tech (ODD), an Israel-based DTC cosmetics and self-care products company, went  public in a Nasdaq offering and its shares jumped in its trading debut on the NASDAQ Stock Market on Wednesday, July 19, 2023. It started trading at $49.10, well above its initial public offering price of $35 a share, according to FactSet. The opening price confers upon the company a market capitalization of roughly $2.8 billion.  The surge in pricing comes after the company priced its shares above expectations late Tuesday in a depressed IPO market we've had the past year and a half.Unlike most tech or consumer IPOs, Oddity is profitable, with net income of $38.3 million and revenue of $399.76M million in the twelve months ending March 31, 2023. Revenue is also growing fast, surging 46% in 2022 to top $320 million with most sales coming from Il Makiage, Oddity’s flagship makeup brand.In its IPO prospectus, Oddity cited that:Il Makiage was the fastest-growing global beauty DTC platform from 2020 through 2022, per Women’s Wear Daily.Il Makiage was also the fastest-growing digital, DTC beauty brand in the U.S. through 2021, per Digital Commerce 360.The company now has more than 40 million users on the platform that have generated more than 1 billion data points on their beauty preferences.