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Bloomberg
Counter Brands LLC, parent company of skin-care and cosmetics seller Beautycounter, raised about $65 million in new funding as it seeks to expand, according to a person familiar with the matter.
The financing round was led by Mousse Partners and included earlier investor TPG Growth, said the person, who asked not to be identified because the details are private. U2 frontman Bono also has previously invested in the company, which acquired a brand that his wife founded. The latest deal values the business at about $400 million, according to the person.
The Santa Monica, California-based company was founded in 2013 by Gregg Renfrew, a former retail consultant, and marketed
as a brand with no harmful chemicals. Beautycounter sells its
makeup, moisturisers and body wash in such stores as Target,
J. Crew and Goop.com.
It also has its own e-commerce shop and a network of about 28,000 independent sellers that it calls “consultants,†who host sales events. Beautycounter products range
from $18 bars of soap to $160 facial treatment sets.
Renfrew built a following for Beautycounter by touting the transparency of its ingredients. The company banned a list of 1,500 chemicals from its products and partners with environmental
activist organisations.