DTC skincare start-up Matter of Fact closed an additional $6 million round of funding, bringing the total funding raised to date to $16 million.

WHO: Founded by former K-pop artist and Harvard grad Paul Baek, Matter of Fact is positioned as science-backed optimized skincare. The brand has two products: a waterless 20 percent vitamin C serum formula that claims to be the most stable vitamin C serum on the market, and a hydrating cream. Currently, the brand is only sold DTC.

WHY: The fresh capital will be used to launch new products and grow the team across functionalities.

IN THEIR OWN WORDS: “We’re a beauty brand, but we have a very heavy bend toward product and innovation. I work with investors that understand and value our intense focus on product development and innovation and who think of that as being fun instead of idealistic,” Baek told WWD, adding that current stakeholders “understand the timeline that’s required to make a strong brand with excellent products.”

DETAILS:

• Matter of Fact closed a further funding round with participation from Horizon Ventures and Cowboy Ventures, in addition to James and Nicky Hilton Rothschild, as well as Birchbox co-founder Hayley Barna.
• In October 2021, Matter of Fact skincare launched with $10 million in seed funding from Horizon Ventures, Cowboy Ventures, and First Round Capital with participation from angel investors Birchbox co-founder Hayley Barna and former Allure Editor-in-Chief Michelle Lee.
• Baek reportedly has 10 patent-pending technologies addressing concerns from sensitivity, acne, and redness to antioxidant defense.