Private equity firm invests in hair- and- body care firm
GREENWICH — Private equity firm L Catterton has invested $ 150 million in Function of Beauty, a maker of customizable hair and body care products that has long been on the radar of Connecticut investors.
L Catterton’s “strategic minority investment” will accelerate the Manhattanbased Function of Beauty’s product development and support its worldwide expansion and manufacturing capabilities, according to company officials. At the same time, CircleUp and GGV reinvested in Function of Beauty.
“Function of Beauty has cracked the code of mass customization and is poised to redefine the beauty landscape,” Avik Pramanik, a partner of L Catterton’s Flagship Buyout Fund, said in a statement announcing the deal this week. “Together, we look forward to deploying an even more aggressive growth marketing strategy in domestic and international markets while fostering breakthrough product innovation in hair care, skin care and more.”
Since its founding in 2015, Function of Beauty has focused on “bringing the benefits of customization to a broad audience, not only a privileged few,” the company said in a statement.
In July, Function of Beauty launched customizable body lotion and body wash products. It followed in October with customizable cleanser, serum and moisturizer offerings for the skin.
The company employs more than 400 workers.
“We are excited to partner with a proven investor in some of the world’s leading consumer brands to realize the many growth opportunities ahead,” Function of Beauty’s founders Zahir Dossa, Joshua Maciejewski and Hien Kaplan said in a statement. “International expansion beyond our existing 45 markets will continue to be a key priority, along with the pursuit of new avenues for growth within the U. S. as we introduce more customers to the benefits of customization.”
Function of Beauty, which had operated from Stamford before heading to the startup accelerator Y