The Shark Tank reject continues to scale. The Lip Bar secured $6.7 million in new funding led by Pendulum.
WHO: Melissa Butler left her job on Wall Street to build a vegan, cruelty-free lipstick line called The Lip Bar in 2012. Product formulations are intentionally safe, delivering payoff, performance, and quality. Starting as a side hustle, the brand now has 1,000 points of distribution in Target and Walmart and a branded store in Detroit.
Earlier this year, Butler also launched Thread Beauty, a Target-exclusive Gen Z complexion brand.
WHY: The fresh capital will be used for marketing and expanding distribution for both brands while incubating a third brand for the portfolio.
IN THEIR OWN WORDS: Melissa Butler, the business' founder and Chief Executive Officer, said the round came after years of consistent growth unencumbered by the pandemic. "Our lip sales were crazy during the pandemic—we sold more lip than anything because we have that liquid matter formula. That's one of the most significant parts of the business. Our liquid mattes last all day and don't dry your lips out," she told WWD.
Speaking of the previous funding round, Butler said, "We have been very efficient with capital. We had created a lot of value, expanded into Walmart, into Target and launched Thread with $2 million."
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