Beauty Poe, a London-based beauty startup, has raised $100 million in Series B funding led by Index Ventures and Insight Partners.
This round also counted with participation from existing investors such as Balderton Capital, General Catalyst, Latitude VC, and LocalGlobe. The new funding brings Beauty Pie’s total funding to $170 million. The funding will allow Beauty Pie to expand its reach in the beauty industry market and develop a new membership model called BEAUTY PIE® PLUS. Principal of Insight Partners, Rebecca Liu, referred to the firm’s participation by stating:
“Marcia has spent decades building businesses that genuinely treat customers the way she would want to be treated, and Beauty Pie is the epitome of that ethos. With its transformative value chain and membership model, Beauty Pie lets members have their pie and eat it too: the best products at the best prices. We look forward to our partnership with Beauty Pie as they continue to empower beauty and wellness consumers across the UK, the US, and beyond.”
Founded in December 2016 by beauty expert Marcia Kilgore, Beauty Pie is known as the world’s first luxury beauty buyer’s club. This year, the startup growth has increased exponentially and the number of members has also doubled.
Beauty Pie’s goal is to provide its members with direct access to shopping from the world’s top-quality beauty and health care product suppliers from Switzerland, USA, France, Japan, Germany, etc. Founder Marcia Kilgore said about Beauty Pie’s mission:
“We are about empowerment, self-worth, and encouraging customers to demand more out of life, even if that means starting with their makeup or their moisturizer. We want millions of customers to have access to our ‘no-middlemen, no-ridiculous retailer markup’ pricing”.
As a bridge between customers and suppliers with reasonably priced and competitive products, Beauty Pie has succeeded in challenging the old definition of ‘luxury’ and disrupting the ‘mainstream’ high-end beauty industry. The Beauty startup expects to become a leader in the market, empowering millions of people to be the best version of themselves.