Glossier Inc. Raises $100 Million to Build the Future Beauty Company
Glossier Inc. today announced that it has raised $100 million in Series D funding to build the future beauty company in collaboration with its customers.
Glossier Inc. today announced that it has raised $100 million in Series D funding to build the future beauty company in collaboration with its customers. Sequoia Capital led the round, along with participation from Tiger Global Management, Spark Capital, and existing investors Forerunner Ventures, Thrive Capital, IVP, and Index Ventures. The company also announced that technology industry veteran Vanessa Wittman will be joining as its Chief Financial Officer.
“We are building an entirely new kind of beauty company: one that owns the distribution channel and makes customers our stakeholders,” said Emily Weiss, Founder and CEO of Glossier. “Thanks to this direct relationship with our customers, we have access to endless inspiration for new products, experiences, and ways of building an enduring business—all while staying true to our core belief that beauty should be a celebration of individuality and personal choice.”
Founded in 2014, Glossier now has more than 200 employees across three offices, and operates in the United States, Canada, the United Kingdom, the Republic of Ireland, France, Denmark, and Sweden. The company’s annual revenue more than doubled in 2018 and surpassed $100 million as a fully direct-to-consumer business, while introducing more than 1 million new customers to its portfolio of modern beauty and skincare essentials. Earlier this month, Glossier launched a second brand, Glossier Play, as part of a broader strategy to grow by offering more choices to its diverse community.
Glossier continues to build out its leadership team for this next phase of growth, welcoming Vanessa Wittman as its Chief Financial Officer. Wittman has held CFO roles at Oath, Dropbox, Motorola Mobility, and Marsh & McLennan. Edith Chen and Nick DeAngelo also recently joined Glossier as Vice President of Supply Chain Operations and Vice President of Operations, respectively. Chen most recently had full P&L responsibility for LF Beauty, a Li & Fung Group company, in the United States and the Americas. DeAngelo was one of the first employees at Jet.com, where he led supply chain and fulfillment for five years, through the company’s acquisition by Walmart.
“Glossier has built an exceptional brand and relationship with its customers, and its business fundamentals are equally impressive,” said Michael Abramson, Partner at Sequoia. “This is one of the most efficient direct-to-consumer businesses we’ve encountered, and with this new capital, we believe Glossier is well positioned to define the next era of the beauty industry.”
“Beauty consumers increasingly want to interact with brands and purchase products online: by 2024, online beauty sales are expected to reach $120 billion globally,” said Megan Quinn, General Partner at Spark Capital. “The industry’s conglomerates are ill-equipped to retrofit their businesses to this new reality. With its digital-first DNA and enthusiasm for meeting consumers where they are, we believe Glossier is the defining company of this new channel.”
Published — March 19, 2019