The investment will enable Makeup by Mario to further accelerate the expansion of its product assortment at Sephora in North America and abroad, augment the existing management team and significantly grow its direct-to-consumer business.
Makeup by Mario sells a broad assortment of prestige color cosmetics exclusively through Sephora and its own website.
Founder Mario Dedivanovic said, "We were at an important milestone in the company's growth and we were looking for the right financial partners to guide us on the next step of that journey. Our goal is to build a legacy that we can be proud of, one based on timeless beauty principles. We've found the ideal partners in Provenance and Silas for that journey."
Alicia Valencia, global president of Makeup by Mario, said, "The alignment and partnership that we feel with the Provenance and Silas teams is incredible. We couldn't be more excited to leverage Provenance's capabilities within the e-commerce channel, along with Silas' past success within the color cosmetics category to further amplify the brand's trajectory."
Provenance partner Paula Sutter who will serve on the board of the company, said, "We are thrilled to partner with Mario and Alicia. They've built a phenomenal brand already and we're honored to help be thoughtful stewards on the growth that lies ahead."
Brian Thorne, partner at Silas Capital, said, "Makeup by Mario is an incredible success story—one that we've been tracking since before its launch. With Mario's awarding-winning and transformative products, unmatched social media reach and true artistry authority, we believe this makeup artist-led brand is well-positioned to become a clear leader in the cosmetics category."