The Good Face Project, an AI-driven platform that enables brands, manufacturers, and retailers to meet consumer demands for safe, effective, and sustainable beauty products, raised $5.65 million.
WHO: The Good Face Project is a chemistry informatics company focusing on scientific formula design, evaluation, and optimization. The company was created by data scientist Lena Skliarova-Mordvinova and technologist Iva Yovchev Teixeira with a mission to empower chemical product innovators with real-time scientific data to create formulas that deliver performance while safeguarding human health and the environment.
There are over 150 consumer certifications, more than 6,500 geographic regulations, and 3,200 unique retailer standards to follow today. A team of data scientists, chemists, and toxicologists developed the Good Face Formulator to help brands and manufacturers meet this challenge by automating the research and development process. The Formulator draws on a vast ontology of over 150,000 ingredients and 200,000 in-market formulas, and considers more than 40 dimensions of ingredient safety, sustainability, and efficacy.
WHY: Its fast market adoption and positive feedback by Cosmetics R&D professionals paved the path for the funding round. The infusion of capital will be used to expand the product experience, accelerate customer adoption, and scale the team.
IN THEIR OWN WORDS: "We think of our platform as an R&D lab in the cloud," said Iva Teixeira, co-founder and CEO of The Good Face Project. "The Good Face Project is transforming the way brands, manufacturers and ingredient suppliers approach research and development, and giving them confidence that their new formulas will include thoughtfully sourced ingredients and meet regulatory requirements, while also satisfying consumer demand for transparency, safety, and sustainability. We're excited and grateful for this new financing which we will put to use in empowering best in class beauty innovation and formulation."
“Only 18 months after its initial launch, our core product, the Good Face Formulator, is being used by hundreds of Beauty and Personal Care product creators to formulate thousands of effective, compliant and transparent cosmetics. The impetus for the Seed Round was the strong positive signal we received from R&D professionals in the industry, and the very clear understanding of how under-resourced these teams currently are. With the Seed Round behind us, our team can allocate funds to, both, growing the Good Face Formulator's user base, and expanding its functionality to serve Beauty innovations more holistically over time,” said Teixeira.
"The Good Face Project is playing a critical role in helping brands and manufacturers drive efficiencies in their innovation and product development process," said Brooke Kiley, Founding Partner at VMG Catalyst. "We were immediately impressed by Iva Teixeira and Lena Skilarova-Mordvinova and the technology they've built. We're excited to see the positive impact that The Good Face Project will have by bringing transparency and sustainability to the beauty industry."
“VMG has been investing in CPG since inception in 2005 and has extensive experience in beauty and personal care. Our newest strategy, VMG Catalyst, is focused on the technology that supports the Consumer ecosystem. We believe that strong technology will be a competitive advantage for brands and retailers, enabling them to operate more efficiently and better serve their customers.”
Kiley continued, “The Good Face Project is a perfect example of this. We've seen first-hand how inefficient the product development process is. The Good Face Project immediately stood out because they empower brands, retailers and manufacturers to innovate faster, automate manual workflows and better meet the changing consumer needs. Their platform helps to solve a vital pain point within the beauty industry as consumers demand cleaner products and greater transparency."
DETAILS:
