The investment will accelerate BEAUTY PIE’s push into new markets, experimental retail, and expansion of its skyrocketing new wellness and supplements category.
BEAUTY PIEⓇ, the first luxury beauty buyers’ club, today announced completion of a Series B financing round of £72m. Index Ventures co-led the round with US-based global private equity and venture capital firm Insight Partners, existing investors Balderton Capital and General Catalyst and Latitude VC, sister fund to London-based seed investor LocalGlobe. This brings BEAUTY PIE’s total funding to date approximately to £126m.
With the new round of funding, BEAUTY PIE plans to turn the high-markup beauty industry upside down, with more warehouses, pop-up shops and a new membership model (for devotees), dubbed BEAUTY PIE® PLUS. BEAUTY PIE experienced exponential growth during the acceleration of D-to-C shopping during the COVID pandemic, doubling its number of members in FY2021.
“BEAUTY PIE delivers huge value to its customers demonstrated by exceptional member loyalty over many years. It’s a model that marries true industry disruption with customer obsession – a winning combination.”
– Danny Rimer, Partner at Index Ventures
Founded in 2016 by serial entrepreneur and beauty-industry expert Marcia Kilgore, BEAUTY PIE gives customers access to world-class quality health and beauty products manufactured at the industry’s leading third-party labs (including products from exclusive suppliers in Switzerland, France, Germany, Japan, Italy, the UK, and the USA), at unbeatable direct-from-the-warehouse prices. It’s like Netflix, but for super-high quality beauty and wellness products.
“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 moisturiser. We want millions of customers to have access to our ‘no-middlemen, no-ridiculous retailer markup’ pricing” said Kilgore.
“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.”
– Rebecca Liu, Principal at Insight Partners