True Botanicals Gains Series B investment
Natural skin care brand True Botanicals has gained a series B investment from San Francisco-based growth equity firm NextWorld Evergreen.
Although terms of the deal were not disclosed, WWD last year reported that True Botanicals had tapped investment bank Moelis & Company to evaluate deal options, with sources noting at the time that the brand was projecting sales of around $50 million for 2022.
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“True Botanicals directly aligns with NextWorld’s deep conviction in clean beauty. It is a very special brand that delivers on quality, modern luxury and proven efficacy and is led by a powerful and proven team of beauty executives,” Tiffany Obenchain, NextWorld Evergreen managing partner, said. NextWorld has also backed clean beauty retailer Credo.
The brand was founded by former Levi’s executive Hillary Peterson, who began searching for natural beauty products after being diagnosed with thyroid cancer at age 32. After not having much luck finding any, she decided to create her own, launching True Botanicals as a direct-to-consumer brand back in 2014. The brand works with celebrity spokespeople, including Olivia Wilde and Laura Dern, and secured an investment from Unilever Ventures in 2017.
“Our alliance with NextWorld is exactly the kind of values-based partnership that will expand our brand’s mission to deliver the most luxurious and effective products that are safe for people and the planet” said Peterson of the investment.
Last year, she told Beauty Inc in an interview that the company grew 70 percent in 2021 and was on track to deliver “equally impressive growth” for 2022, putting that success down to a number of factors, from supercharged product development to shifting consumer attitudes.
As the company grows, it has been launching new categories and products, including an eye cream, a hair oil and a retinol alternative called the Phyto Retinol Vitamin A Booster. At the same time, True Botanicals has been expanding into more brick-and-mortar, launching in Credo Beauty last year, in addition to existing partnerships with Nordstrom and the Detox Market.
As part of the deal, the company will now be led by an all-female board made up of Peterson, chief executive officer Sandy Saputo, Obenchain, NextWorld operating partner Andrea Freedman, and Margarita Arriagada, founder of Valdé Beauty and former head of merchandising at Sephora.
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