Function of Beauty announced that it received a $150 million strategic minority investment from L Catterton, a consumer-focused private equity firm.
Previously: Function of Beauty Launches Skin Care Collection
The investment will accelerate the company's product development, support its continued worldwide expansion, and build upon its already industry-leading customized manufacturing capabilities.
L Catterton has invested in The Honest Company, Elemis, Bliss, II Makiage, Frederic Fekkai, Nutrafol, and Tula.
Function of Beauty's co-founders, Zahir Dossa, Joshua Maciejewski, Hien Kaplan, said: "In the last five years, the brand has seen phenomenal growth and this investment from L Catterton will further fuel our continued expansion. 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. 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."
Avik Pramanik, a partner of L Catterton's flagship buyout fund, said: "Function of Beauty has cracked the code of mass customization and is poised to redefine the beauty landscape. We are delighted to partner with Zahir, Joshua, Hien, and the Company's passionate team to grow the brand. 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."