EXCLUSIVE: Element Eight Announces Fundraising Round
Luxe oxygenated skin care brand Element Eight has closed a $6 million funding round and announced a slew of new appointments, including former Sephora chief executive Martin Brok as a board member.
The brand raised $2.5 million from existing investors and an additional $3.5 million from new investors, pushing the total raised to date up to $7.9 million.
More from WWD
“With 45 percent of the round coming from surgeons, dermatologists, and PhD scientists, we have a strong validation of the scientific acumen of the brand. We were very pleased to also have participation from private family offices with experience in beauty investing, who accounted for 34 percent of the round,” said chairman and cofounder Bradley Patt.
He added that it will proceed onto a new $6.25 million series A round to continue to accelerate the growth of the skin care products.
The brand launched last year with three creams, $250 each, focused on different ingredients (peptides, squalane and hyaluronic acid, respectively) that are formulated with the brand’s proprietary Oxygen Amplified Therapy, which is meant to mimic the function of hemoglobin. Through the technology, oxygen is delivered topically to the skin with the aim of penetrating at the cellular level, thus promoting radiance and elasticity by accelerating cellular metabolism and turnover.
Since then, the brand has expanded to seven stock keeping units, including O2 Niacinamide Eight Active Serum and O2 Caffeine Eye Cream. As well as its own website, it’s also sold in Bergdorf Goodman and Neiman Marcus.
In addition to raising more capital, the brand appointed Jake Galtere as chief marketing officer and Kristi McCluer vice president of global sales and education to drive the brand’s global strategy and oversee continued expansion. Galtere most recently served as vice president of marketing for Ralph Lauren and Azzaro Fragrances, while McCluer has 15 years of experience in luxury sales, including at L’Oréal.
At the same time, Brok joined the company’s Business Advisory Board and will participate in the series A financing.
“Element Eight stood out to me as a very different premium offering that is entering the most dynamic segment of the skin care market: heavy science and luxury leaning with a distinct voice that separates itself from the clutter and fills a white space,” said Brok.
Best of WWD
