Happi Staff12.04.20
Customizable hair and skin care company Function of Beauty has received a $150 million strategic minority investment from L Catterton. The investment will accelerate the company’s product development, support its continued worldwide expansion, and build upon its already industry-leading customized manufacturing capabilities.
CircleUp and GGV also reinvested during this round, according to the L Catterton.
Function of Beauty was founded in 2015 by CEO Zahir Dossa, COO Joshua Maciejewski and CSO Hien Kaplan. Dossa and Kaplan developed the first proprietary quiz in the industry, defining which ingredients and formulations would meet each customer's unique goals, and Maciejewski created the first-of-its-kind custom production system to fill each order. Function of Beauty is a true global leader, currently selling its products in 45 markets. Across its three locations, Function of Beauty employs more than 400 people.
In July 2020, the company expanded into body products; and in October 2020 it added skin care products. These new categories were adopted faster by Function of Beauty’s customer base than any other product innovation to date and are currently among the highest-rated products the company offers.
Function of Beauty’s co-founders say the investment from L Catterton will further fuel its continued expansion.
“Function of Beauty has cracked the code of mass customization and is poised to redefine the beauty landscape,” said Avik Pramanik, a partner of L Catterton’s Flagship Buyout Fund. “We are delighted to partner with Zahir, Joshua, Hien, and the Company’s passionate team to grow the brand. Together, we look forward to deploying an even more aggressive growth marketing strategy in domestic and international markets while fostering breakthrough product innovation in haircare, skincare, and more.”
L Catterton’s current and past investments include The Honest Company, Elemis, Bliss, Il Makiage, Frederic Fekkai, Nutrafol and Tula.