Direct-to-consumer beauty brand Glossier announced that it has raised $100 million in Series D funding to build the future beauty company "in collaboration with its customers," read the press release.
Sequoia Capital led the round, with participation from Tiger Global Management, Spark Capital and existing investors—Forerunner Ventures, Thrive Capital, IVP, and Index Ventures.
Additionally, the company announced that Vanessa Wittman, a tech industry veteran, will be joining as its chief financial officer. Wittman previously held CFO roles at Oath, Dropbox, Motorola Mobility and Marsh & McLennan.
"We are building an entirely new kind of beauty company: one that owns the distribution channel and makes customers our stakeholders," said Emily Weiss, founder and CEO of Glossier. "Thanks to this direct relationship with our customers, we have access to endless inspiration for new products, experiences, and ways of building an enduring business—all while staying true to our core belief that beauty should be a celebration of individuality and personal choice."
Founded in 2014, in less than five years, Glossier has grown to more than 200 employees across three offices, operating in the United States—and internationally in Canada, the United Kingdom, the Republic of Ireland, France, Denmark and Sweden.
An online source reported the fast-growing company more than doubled its annual revenue in 2018, surpassing $100 million as a fully direct-to-consumer business—while adding more than 1 million new customers to its portfolio. The "Skin First, Makeup Second" tag-lined brand launched Glossier Play in early March as part of a broader strategy to grow by giving more choices to its diverse customer base.
"Glossier has built an exceptional brand and relationship with its customers, and its business fundamentals are equally impressive," said Michael Abramson, partner at Sequoia. "This is one of the most efficient direct-to-consumer businesses we've encountered, and with this new capital, we believe Glossier is well positioned to define the next era of the beauty industry."
"Beauty consumers increasingly want to interact with brands and purchase products online: by 2024, online beauty sales are expected to reach $120 billion globally," said Megan Quinn, general partner at Spark Capital. "The industry's conglomerates are ill-equipped to retrofit their businesses to this new reality. With its digital-first DNA and enthusiasm for meeting consumers where they are, we believe Glossier is the defining company of this new channel."