01.10.22
Oddity, the parent company to Il Makiage, today announced the closing of a $130 million private round that values the company at $1.5 billion.
The investment was led by Thomas Tull, Franklin Templeton, Fidelity Management & Research Company LLC and First Light Capital Group with participation from additional growth equity investors.
“Our existing technology and roadmap are unlocking immense growth opportunities in the beauty and wellness industries and enabled us to drive a rare combination of scale, growth and profitability,” said Oran Holtzman, co-founder and CEO of Oddity. “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.”
Oddity, the consumer-tech company which owns Il Makiage, is committed to innovating and revolutionizing the beauty and wellness industries through technology. Oddity’s first brand, Il Makiage, continues to experience industry-leading growth and has surpassed $260 million in revenue for 2021. Oddity's second brand, Spoiled Child, is planned to be launched in February with the goal of disrupting online another massive beauty and wellness category that has remained offline-dominated.
Matt Quinlan, portfolio manager at Franklin Templeton’s Franklin Equity Group, called the epoch an exciting time to invest in the company, as the beauty and wellness industries undergo significant changes and its continuing online shift.
“Oddity’s business and pace of product and tech innovation are accelerating with a substantial opportunity still ahead that is expected to produce long-term value creation,” said Quinlan. “Oddity has built a proven tech-driven platform which puts the customer at the center and provides superior online experiences. They are a clear leader with a relentless mission to build the future of beauty and wellness.”
Oddity and its brands employ over 200 team members, with headquarters in New York City and a research and development center in Tel Aviv, Israel. Over 40% of the company’s employees are part of its technology team as the company seeks to blend the best of technology and desirable and efficacious products.
The consumer-tech company continues to be supported by existing investor L Catterton, the leading consumer-focused private equity company in the world.