Gregg Renfrew, founder and CEO of Beautycounter, has sound plans for the new funding from first-time investor Mousse Partners and repeat investor TPG Growth.
“We are excited to work with Mousse and benefit from their deep strategic, operational and sector expertise. They will be instrumental in helping us accelerate our growth as the leader in not only the safe beauty space, but the beauty industry as a whole,” Renfrew tells the press.
“We believe consumers have the right to safe products without sacrificing quality or performance,” she says in a media release about the new funding. “Mousse Partner's investment will aid us in our mission to deliver consumers better products they can trust.”
Strategy and leadership
Beautycounter is a leader among many personal care and beauty brands that are endeavoring to make products ‘cleaner’, ‘safer’, and ‘more transparently’ than conventional companies do and are testing the readiness of the marketplace for this new version of consumer goods.
Where the new funding is concerned, Renfrew’s plans includes building out the brand’s retail business, adding new tech, and expanding Beautycounter’s marketing capabilities and campaigns. According to the Beautycounter media release, “The investment will accelerate the Company's strategic initiatives, including the development of a more robust omni-channel business, and provide capital for investments in technology as well as digital and brand marketing.”
As part of this latest investment Parker Hayden, managing director and head of US private equity at Mousse Partners, has joined the Beautycounter board.
He and Mousse Partners believe that Renfrew’s vision of the industry is spot on and that an overhaul of cosmetics and personal care industry standards / regulations is inevitable. “We are thrilled to partner with Beautycounter and its talented management team to support their efforts to lead the safe ingredient movement within the beauty industry,” says Hayden.
Faith and trust
“Gregg is not only an inspirational founder who unites the community around the shared goal of using safe and effective products, but also a visionary,” Hayden tells the press. “We believe that the trend she started with Beautycounter will eventually become the norm for all beauty products.”
TPG Growth shares in this certainty of vision: “Gregg and her team are not only creating outstanding products, but they are building a movement that we believe can change the beauty industry and consumers' lives for the better,” says Mike Stone, partner at TPG. “We're excited to continue partnering with Beautycounter as they pursue their next stage of growth.”
Deanna Utroske, CosmeticsDesign.com Editor, covers beauty business news in the Americas region and publishes the weekly Indie Beauty Profile column, showcasing the inspiring work of entrepreneurs and innovative brands.