05.10.24
Canadian skincare brand Three Ships Beauty – cofounded by Forbes 30 Under 30 alum Connie Lo and Laura Burget – has raised a $2.5 million financing round led by BDC Capital's new Thrive Venture Fund, with participation from strategic angel investors.
Last year, Three Ships expanded its distribution to Whole Foods locations across North America and achieved profitability with 65% growth in total revenue. This year, it unveiled First Light Vitamin C + Caffeine Eye Cream – one of its most-requested products – selling one unit every 30 seconds on launch day.
"It has been truly remarkable to witness Three Ships Beauty's impressive growth, expanding customer traction and recognition in the North American market," said Mona Minhas, partner, Thrive Venture Fund. ''The company's evolution to date, coupled with their steadfast commitment to improving transparency and sustainability in the skincare industry, fills us with anticipation for their next exciting phase of growth.''
The award-winning brand said it will use the additional funding to further expand in the US market, invest in brand and growth marketing, and strengthen the team with strategic hires to continue scaling retail and e-commerce growth.
"We're so grateful for investors like BDC's Thrive Venture Fund who not only believe in our mission but share our values," said Burget. "We have great products that really work, and our customers love them. Now we can grow that awareness and make natural, effective skincare accessible to more people."