11.01.23
Unilever Ventures, the venture capital arm of the Unilever Group, has joined forces with True Beauty Ventures, a US-based investment firm specializing in scaling beauty and wellness brands, to complete the first institutional financing round for clean fragrance brand The 7 Virtues.
This is the first time either has chosen to invest in the fragrance category.
Founded in Canada in 2010 by entrepreneur, author and activist Barb Stegemann, The 7 Virtues creates clean and sustainability sourced scents with a high 22% fragrance oil concentration.
Stegemann remains the majority shareholder.
The 7 Virtues
With a mantra of "Make Perfume Not War," the brand's fragrance collection includes Vanilla Woods, Coconut Sun, Cherry Ambition, Lotus Pear and Santal Vanille. Scents available exclusively on the brand's website and at Sephora in 18 countries including Canada, US, UK, Europe, Australia and New Zealand.
Ingredients are sustainably sourced and scents are cruelty-free, hypoallergenic and free of phthalates, parabens, formaldehyde and sulfates. The brand has earned the Clean + Planet Positive seal from Sephora and is seeking B Corp certification.
Ingredients are sustainably sourced and scents are cruelty-free, hypoallergenic and free of phthalates, parabens, formaldehyde and sulfates. The brand has earned the Clean + Planet Positive seal from Sephora and is seeking B Corp certification.
The 7 Virtues reported year-on-year revenue growth of more than 80% in FY 2023, according to sources.
"We are thrilled to partner with Barb Stegemann and The 7 Virtues for Unilever Ventures' first investment in fragrance. The 7 Virtues has cracked the code on creating long-lasting, perfumes using sustainable ingredients that their loyal customers love, along with their empowering and authentic story," said Anna Ohlsson-Baskerville, partner at Unilever Ventures. "Driven by its philosophy, The 7 Virtues is elevating from an exciting indie brand to a legacy brand and we're delighted to be a part of its growth journey."
Expansion Plans
The joint investment from Unilever Ventures and True Beauty Ventures will equip The 7 Virtues with the resources to open a New York office to bolster its team and magnify its global expansion with Sephora. The brand also plans to open a maison in Nova Scotia.
"We set out to change the world through fragrance, to sow the seeds of prosperity over conflict, and now our perfumes are peace. When Sephora took a chance on our little-known brand in 2018, they told us they loved that we take on serious world issues, but we don't take ourselves too seriously," said Stegemann, CEO of The 7 Virtues. "Our goal to advance period equity as a means to build peace by empowering women at home and abroad and giving them back control over their reproductive rights is the path to lasting change."
Piper Sandler represented The 7 Virtues in the transaction.
Piper Sandler represented The 7 Virtues in the transaction.