Direct-to-consumer (DTC) beauty brand, IL MAKIAGE, closed a $130 million private funding round, bringing the company’s total valuation to $1.5 billion.
According to the beauty brand’s parent company, Oddity, the round was led by tech investor Thomas Tull, investment firm Franklin Templeton, Fidelity’s investment arm and venture capital firm First Light Capital Group. Prior to the latest investment round, L Catterton was the brand’s sole investor.
“We’re honored to partner with an amazing set of growth equity investors that share our view on the industry’s future and will support our efforts to become the digital beauty and wellness house of the future by continuing to disrupt additional sub-categories,” said Oran Holtzman, Oddity’s co-founder and chief executive, in a statement.
Oddity, a consumer-tech company that leverages data science, machine learning, and computer vision capabilities to deliver state-of-the-art online experiences for consumers, launched IL MAKIAGE in 2018. Since then, the online beauty brand has succeeded at converting millions of physical store shoppers.
In 2020, IL MAKIAGE started its global expansion efforts by launching in the U.K., Germany and Australia. A year later, IL MAKIAGE surpassed $260 million in revenue, according to Oddity. Following a successful year, the company plans to launch its second brand, SpoiledChild, next month.