Glow Recipe has taken its first outside investment in a deal with private equity firm North Castle Partners for a minority stake in the business.
WHO: Founded in 2014 by L'Oréal alums Sarah Lee and Christine Chang, Glow Recipe began as a curated online destination for K-beauty. In 2017 the duo pivoted the business and launched their first range of skincare with fruit-inspired formulas that deliver texture, scent, and results.
WHY: The funding will primarily go to product development, adding new hires, increased marketing spend, and scaling up the business internationally
IN THEIR OWN WORDS: Sarah Lee, co-founder of Glow Recipe, said "This investment is a key milestone for Glow Recipe, and will allow us to accelerate key growth drivers such as product innovation, attracting world-class talent, international expansion, and doubling down on our community-driven approach to brand building."
The partnership "started with me meeting Sarah and Christine just over two years ago. I was a big fan of the brand they built and the momentum they had at Sephora, and the positioning they created for the brand," said Rich Gersten, industry advisor at North Castle Partners. "First and foremost, they're great founders with a unique brand proposition."
Gersten added: "The growth momentum of the business and the strong potential for the brand to expand its product assortment and global distribution position Glow Recipe favorably for long-term success."
- Glow Recipe has received a minority investment from North Castle Partners. The financial terms of the deal were not disclosed.
- The founders launched with a personal investment of $50,000, and the North Castle investment is the first outside capital.
- WWD reported industry sources said the brand hit $60 million in retail sales last year and is beating projections for 2021.
- The brand reported it ranks in the top-ten skincare brands at retailers globally, including Cult Beauty, Mecca, and Sephora in Southeast Asia and the Middle East.
- In a 2015 appearance on Shark Tank, the brand turned down $425,000 and went on to experience triple-digit growth.
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