Glossier raises $100m in Series D funding round

Glossier has raised $100m in Series D funding round that was led by Sequoia Capital and saw participation from Tiger Global Management, Spark Capital, along with existing investors Forerunner Ventures, Thrive Capital, IVP, and Index Ventures.

The funding will help the firm to position itself as a future beauty company in collaboration with its customers.

Glossier founder and CEO Emily Weiss said: “We are building an entirely new kind of beauty company: one that owns the distribution channel and makes customers our stakeholders.

“Thanks to this direct relationship with our customers, we have access to endless inspiration for new products, experiences, and ways of building an enduring business—all while staying true to our core belief that beauty should be a celebration of individuality and personal choice.”

Sequoia partner Michael Abramson said: “Glossier has built an exceptional brand and relationship with its customers, and its business fundamentals are equally impressive.

“This is one of the most efficient direct-to-consumer businesses we’ve encountered, and with this new capital, we believe Glossier is well positioned to define the next era of the beauty industry.”

Spark Capital general partner Megan Quinn said: “Beauty consumers increasingly want to interact with brands and purchase products online: by 2024, online beauty sales are expected to reach $120 billion globally.

“The industry’s conglomerates are ill-equipped to retrofit their businesses to this new reality. With its digital-first DNA and enthusiasm for meeting consumers where they are, we believe Glossier is the defining company of this new channel.”

Technology industry veteran Vanessa Wittman is also set to join as its chief financial officer.

Wittman has held CFO roles at Dropbox, Motorola Mobility, Oath, and Marsh & McLennan.

Set up in 2014, Glossier currently has over 200 employees across three offices. It has operations in Canada, the US, the UK, France, Denmark, the Republic of Ireland and Sweden.

Its annual revenue has more than doubled last year. It crossed $100m as a completely direct-to-consumer business.

Earlier this month, Glossier launched a second brand, Glossier Play, to offer more choices to its diverse community.