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Thirteen Lune Raises $3 Million in Funding

November 08, 2021 BeautyMatter
November 08, 2021
Thirteen Lune

Thirteen Lune has raised $3 million in fresh capital led by Fearless Fund, a venture capital firm created by women of color that invests in women of color.

WHO: Thirteen Lune, an e-commerce destination designed to inspire the discovery of beauty brands, was founded by Black and Brown women for all women, featuring products created exclusively for the beauty needs of Black and Brown people. Thirteen Lune is a result of a partnership between Nyakio Grieco, founder of Nyakio Beauty, which is based on her family's African culture and traditions, and Patrick Herning, founder and CEO of size-inclusive e-commerce platform 11 Honoré. The business launched in December of 2020 with 13 brands to be a vehicle for change and a platform for authentic allyship where the voices of Black and Brown beauty founders are heard and celebrated. Today the retailer carries 100 brands, 90% of which are BIPOC founded and 10% ally brands.

WHY: The capital will be used to fund development for Thirteen Lune's private label and supply chain improvements, and to build out the company's executive team.

IN THEIR OWN WORDS: "I'm so thrilled to see how the landscape of finance has shifted slowly but surely over the last 18 years of being an entrepreneur. Personally, it brought me great joy to have a fund co-created by Black women to come on and lead this round," Grieco said. "This is a job we all need to do together, from the finance side to the businesses that are coming about, and how they're also elevating and speaking to the power of inclusivity."

Fearless Fund General Partner and cofounder Arian Simone said, "Our goal as a VC fund is to support Women of Color-founded brands and bridge the gap in funding that currently has less than 1% of WOC-businesses receiving capital. We were particularly excited to lead this investment as it not only supports Nyakio and thirteen lune, but through their platform, also supports 100 beauty brands that are either founded by Black entrepreneurs or allies for Black beauty," explained Simone.

DETAILS:

  • Thirteen Lune has raised a $3 million round led by Fearless Fund with participation by Capstar Ventures, Fab Ventures, Swiftarc Beauty, and Gaingels.
  • This round brings funding raised to date to $4.5 million.
  • Thirteen Lune has partnered with JCPenney on its new post-Sephora beauty revamp, launching shop-in-shop locations. Ten locations opened recently, and the companies are planning for 600 locations by 2023.
  • In January 2021, Thirteen Lune raised $1 million in funding from investors that include Gwyneth Paltrow, Sean Combs, Naomi Watts, Gregg Renfrew of Beautycounter, Tracey Cunningham of Mèche salon, former U.S. Ambassador Nicole Avant, venture capitalist Patrick Finnegan, and Sydney Holland of The Urban + The Mystic.
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