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WALDENCAST ANNOUNCES INVESTMENT IN C16 BIOSCIENCES’ $20 MILLION SERIES A

March 25, 2020
March 25, 2020
via C16 Biosciences

As part of its continued commitment to support developing brands that promote responsible and respectful business practices, Waldencast announces the addition of C16 Biosciences to its growing portfolio.

WHO: C16 Biosciences has created a new sustainable alternative to palm oil. The proprietary technology uses biomanufacturing, converting food waste and industrial by-products into synthetic palm oil. Unlike the traditional agricultural methods, C16 Biosciences low-carbon palm oil substitute does not rely on deforestation or the destruction of natural ecosystems, and due to its “lab-grown” origins, provides a fully traceable, more efficient supply chain.

Waldencast incubates and accelerates forward-thinking brands in the early stages of their development through funding and operational expertise to help them scale and thrive. Inspired by the growing movement towards conscious consumerism, the company is driven by a belief that responsible entrepreneurship can be a powerful force for change. Drawing on decades of hands-on, operational experience in the global consumer beauty industry, the founders assembled the Waldencast Collective.

WHY: The new investments will allow C16 Biosciences to scale up its technology ahead of its commercial launch.

IN THEIR OWN WORDS: Michel Brousset, founder and CEO of Waldencast, said: “Deforestation driven by palm oil production is one of the biggest sustainability challenges created by a single ingredient. C16 Biosciences’ biomanufactured alternative represents a huge step forward in meeting our global climate challenges and preserving critical tropical rainforests. Waldencast’s investment in C16 Biosciences is part of our ongoing commitment to support responsible entrepreneurship and conscious consumerism within the beauty and wellness category.”

Shara Ticku, co-founder and CEO of C16 Biosciences, said: “The personal care industry is a leader in sustainability, with recent consumer momentum shifting towards ‘clean beauty’ which demands products that are good for us and good for the planet. That means products that aren’t reliant on deforestation.”

Ticku continued, “We are thrilled to be working with Waldencast because of their extensive experience at some of the biggest global players in this industry, combined with their commitment to drive positive change by investing in the most innovative and responsible new brands.”

DETAILS:

  • Waldencast is joined by fellow investment funds Breakthrough Energy Ventures, Future Tech Labs, and others in C16 Biosciences’ successful $20 million Series A fundraising campaign.
  • Through their investment, Waldencast brings a unique perspective and experience to help C16 Biosciences scale successfully in a multibillion-dollar industry that is critical to the consumer goods market.
  • Waldencast has invested in Kjaer Weis, Sallve, Manual, and Costa Brazil.
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