Colorescience announces new funding and new board member
This month Colorescience completed a $15m series C preferred stock financing round, according to a company press release. 1315 Capital led the funding; Healthcare Ventures, Greenspring Global Partners, and Montreux Equity Partners also invested.
Partnership and leadership
“We are thrilled to be working with the team at Colorescience to support the growth of their products given their focus on skin health and protection,” Adele Oliva, founding partner at 1315 Capital, tells the press. She goes on to comment that “skin is the body's largest organ and the Colorescience products provide one of the highest quality solutions for medical professionals and consumers.”
As part of the investment deal Oliva will be joining the Colorescience board of directors. There were also a few board departures that coincided with this round of funding and the newly reconstituted board comprises Oliva; Michelle Dipp of Montreux; M Bolyard, previously SVP of Ulta Beauty; Nicky Kinnaird of SpaceNK, Josh Baltzell of Split Rock / Sightline, and Colorescience CEO Mary Fisher.
Health and wellness
Colorescience products were originally developed for post-procedure use. And today the brand remains situated in the pro channel and is commonly sold in dermatologists' and plastic surgeons' offices.
This round of funding, with investors from the heathcare services sector, only reinforces the company’s focus on wellness and will surely set a course for growth in that same direction. “This investment comes at an important inflection point in our growth at Colorescience and allows us to further invest in innovation and firmly establish our sales and marketing leadership in the aesthetics and beauty industry," says Fisher in her remarks to the press. "We are particularly pleased to partner with 1315 Capital given their team's long and proven track record of backing successful high-growth healthcare companies."
This article was updated on 15-Aug-2017 to accurately reflect the current structure of the Colorescience board of directors.