Glossier announced that it has raised $100 million in Series D funding that it will use to expand the beauty company.
Sequoia Capital led the round, with participation from Tiger Global Management, Spark Capital and existing investors Forerunner Ventures, Thrive Capital, IVP and Index Ventures.
“We are building an entirely new kind of beauty company: one that owns the distribution channel and makes customers our stakeholders,” Emily Weiss, founder and CEO of Glossier, said in a press release. “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 offers beauty and skincare essentials to customers in the United States, Canada, the United Kingdom, the Republic of Ireland, France, Denmark and Sweden. The company saw its annual revenue more than double last year, surpassing $100 million.
Earlier this month, Glossier launched a second brand, Glossier Play, which will offer more product choices to its diverse client base.
In addition to the funding, the company announced Vanessa Wittman has been named 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 the company as vice president of supply chain operations and vice president of operations, respectively.
“Glossier has built an exceptional brand and relationship with its customers, and its business fundamentals are equally impressive,” said Michael Abramson, partner at Sequoia Capital. “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,” added 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.”