Prestige skincare brand True Botanicals announced a Series B investment from NextWorld Evergreen, a San Francisco-based growth equity firm focusing on conscious consumer brands.
WHO: Mill Valley, California-based True Botanicals was founded in 2014 by Hillary Peterson. Previously a marketing executive at Levi Strauss & Co., Peterson switched career paths after a thyroid cancer diagnosis caused her to evaluate all the beauty products she was using. True Botanicals has become a voice in the clean beauty category, and its products are approved by the stringent Made Safe labeling certification. True Botanicals is a digitally native brand with retail distribution in prominent beauty retailers including Nordstrom, Credo Beauty, and The Detox Market.
NextWorld Evergreen is a San Francisco-based growth equity firm focused on conscious consumer brands. NextWorld Evergreen leverages its 100-year fund structure, deep brand expertise, and ESG frameworks to partner with founders and management teams to build the next generation of consumer companies that positively impact people and the planet while generating outsized business results. Representative investments include Credo Beauty, The Citizenry, Fellow Products, Smith Teamaker, and Van Leeuwen Ice Cream. NextWorld Evergreen is a part of NextWorld, an international organization that combines investments and nonprofit activities with a mission to inspire and drive action for a better world.
WHY: This partnership will accelerate True Botanicals' retail footprint while advancing its mission around social and environmental impact.
IN THEIR OWN WORDS: "We obsess over our [customers'] needs and desires, and they're why True Botanicals prioritizes innovation that is purely natural biocompatible and is backed by scientific proof to work at the highest level. We are so excited about our partnership with NextWorld, whose expertise in beauty, ESG, and omnichannel retail will support our next phase of growth and leadership towards a more sustainable future," said Sandy Saputo, the company's CEO.
"Our alliance with NextWorld is exactly the kind of values-based partnership that will expand our brand's mission to deliver the most luxurious and effective products that are safe for people and the planet," said Hillary Peterson, the company's founder.
"True Botanicals directly aligns with NextWorld's deep conviction in clean beauty. It is a very special brand that delivers on quality, modern luxury and proven efficacy and is led by a powerful and proven team of beauty executives. We are very excited to partner with Sandy, Hillary, Margarita and the broader True Botanicals team to accelerate the brand's growth," said Tiffany Obenchain, NextWorld Evergreen Managing Partner.
- The company will now be led by an all-female board: Hillary Peterson, founder; Sandy Saputo, CEO; Tiffany Obenchain, NextWorld Managing Partner; Andrea Freedman, NextWorld Operating Partner and former CFO of Kendo Brands and Method Products, and Margarita Arriagada, founder of Valdé Beauty and former Head of Merchandising at Sephora.
- In 2018, the company raised an $8 million Series A led by Sonoma Brands and including prior investors Unilever Ventures and Cue Ball Capital.
- In 2017, Unilever Ventures secured a minority stake in the brand as part of a more than $3 million round of seed funding that included several investors.
- Moelis & Company LLC is the exclusive financial advisor and placement agent to True Botanicals.