Sustainable magnificence chief Loli Beauty has gotten a seed funding from Natura & Co.’s enterprise fund, Fable Investments.
Loli makes waste-free, water-free pure magnificence merchandise. The enterprise was based by Tina Hedges, who mentioned she took on the Fable Investment as she scales up gross sales at Ulta Beauty, and appears to construct out stock and ramp up advertising and marketing. Terms of the deal weren’t disclosed.
Loli has additionally raised seed capital from Redo Ventures, the household workplace of the L’Occitane household, Marie Claire Beauty Ventures and Emami, in India, in addition to angel traders, Hedges mentioned.
“We launched with a direct-to-consumer focus and between 2018 and 2019 we grew 1,000 percent,” Hedges mentioned. The model pulled again in 2020 throughout the pandemic, however launched with Ulta earlier this yr with plans to roll into about 350 shops and on-line.
“We also launched an exclusive product with Ulta, [Arnica Elderberry Jelly All Day Mask-ne and Spot Rescue, $28] which has sold out twice on their website, which is a breakthrough all-day no mask-ne, no spot, no blemish treatment gel that is 100 percent zero waste not only from the formula but from the packaging,” Hedges mentioned. The packaging is produced from mushrooms.
“It’s 100 percent compostable in the garden, worm food,” Hedges mentioned. “We coinvented that product with one of the geniuses behind the Tide Pod — we have an incredible innovation team that I’m working with outside of our core team. We’re constantly looking at not just product, but the processes of, how do we continue to be low waste, how do we continue to find ways to upcycle ingredients, ways to innovate and actually effectively treat or help skin conditions.”
Hedges mentioned the fundraising course of has not at all times been simple, however she favored that Fable deliberate to assist the model because it stands at the moment. “They don’t want to divert us in any way,” she mentioned.
“I’m a minority female founder, I’m 100 percent Latin, I’m over the age of 50, I don’t fit a mold that a lot of VCs are looking for when they’re backing founders,” Hedges mentioned.
But Fable, who approached Loli, favored Hedges expertise degree and her boundary-pushing sustainability plans.
“What really triggered our interest in Loli is the fact that it really, really pushed the boundaries of upcycling and sustainability to a point that we have not witnessed, honestly,” mentioned Thomas Buisson, director at Fable Investments. He mentioned he was additionally impressed with the merchandise, which he mentioned are nicely differentiated. “Potentially you will be a little bit surprised by some of the aromas or the textures,” he mentioned.
Buisson mentioned Hedges’ strategy to sustainability goes past simply ticking the correct packing containers.
“Today we speak to many companies, all of them will talk about sustainability, all of them will talk about recyclability. But Tina just brought it to a different stage,” Buisson mentioned.
“She finds solutions,” Buisson added. It’s nice to have all of those concepts and typically it may be of idealist and all the things, however she finds a method to make use of it and it’s useful.”
Natura & Co. began making investments from Fable earlier this yr. So far, the fund has invested in Perfumer H, a perfume line, and Maude, a sexual wellness firm.
For extra from WWD.com, see:
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