Luxury beauty buyers’ club, Beauty Pie, has completed a Series B financing round of $100 million led by Index Ventures and Insight Partners.
With the new round of funding, Beauty Pie is planning to open more warehouses, experiment with pop-up shops, introduce a new membership model for its loyal customers, enter new markets, expand on its wellness and supplements category and further build on the traction it has gained since the start of the pandemic. Beauty Pie doubled its number of members in FY2021.
Beauty Pie was originally founded in 2016 by entrepreneur and beauty industry expert Marcia Kilgore with the goal of giving customers access to quality health and beauty products. The company sells products manufactured at various industry-leading third-party labs and products from exclusive suppliers in Switzerland, France, Germany, Japan, Italy, the U.K. and the U.S. at direct-from-the-warehouse prices.
“We are about empowerment, self-worth, and encouraging customers to demand more out of life, even if that means starting with their makeup or their moisturizer. We want millions of customers to have access to our ‘no-middlemen, no-ridiculous retailer markup’ pricing,” said Kilgore in a company statement.
The company’s Series B funding round also saw participation from existing investors, including Balderton Capital and General Catalyst and Latitude VC, sister fund to London-based seed investor LocalGlobe. Beauty Pie has so far raised approximately $170 million.