A little more than a month after launching its own range of beauty products, Into the Gloss has closed $8.4 million in venture capital financing from investors, adding to the $2 million it raised last fall. As you might guess, the funding is primarily going toward developing that newly-birthed product line, Glossier.
“It’s basically going to enable us to scale,” says Emily Weiss, the founder and CEO of Into the Gloss.
With this round, the startup has assembled a group of investors whose backgrounds span direct-to-consumer e-commerce businesses, entertainment and luxury beauty. Thrive Capital, also an investor in Warby Parker and Instagram, led the round, alongside 14W, TOMS Capital, Manzanita Capital (Diptique, Byredo), Bonobos founder Andy Dunn, Spring and Box Group founder Dave Tisch and Jay Brown of Roc Nation. The mega-talent agency William Morris Endeavor, which acquired IMG last year, also got involved after reaching out to Weiss over the summer.
Forerunner Ventures and Lerer Hippeau Ventures, which led the startup's $2 million raise in 2013, also came back for this round.
Into the Gloss has “really ambitious” plans for growth in the next 12 months, Weiss says. That spans every department, although tech is a major focus. Operating direct-to-consumers online is Glossier’s differentiating factor from other beauty brands and is, as Weiss sees it, a competitive advantage.
Through living on the Internet and building a strong presence on Instagram, Into the Gloss has established a crazy strong connection to its readers — who are now Glossier’s customers.
“So much of Glossier is built on reader feedback,” Weiss says. “We’re not operating in a vacuum… If we hear something that makes us excited in the comments or in a direct message, we’ll run with that.”
How has the product line been selling so far? It’s still the early days, but Weiss says that people have “overwhelmingly” been purchasing all four products in Glossier’s “Phase 1” set, which focuses on skincare. That’s heartening, in part because it means those shoppers are buying into Glossier’s vision for beauty: the brand positioned its Phase 1 range as core, essential products, and here its customers are, snapping up the full set.
Glossier is now getting ready to drop a limited-edition product for the holidays. Weiss wouldn't say exactly what it is — “You can think of it as decoration" — so we advise you stay tuned.