Beauty Pie raises funds as it seeks to reach new markets

The beauty specialist completed its Series B financing round, in partnership with investors, bringing its total to date to $170m (£126m).

The funding was co-led by Index Ventures and US-based global private equity and venture capital firm Insight Partners.

With the boost to finances, Beauty Pie said it hopes to “turn the high-markup beauty industry upside down” by introducing more warehouses, pop-up shops and a new membership model “Beauty Pie Plus” for devoted fans.

The business recorded a doubling of its members during the pandemic, as DTC shopping grew.

Founder Marcia Kilgore said: “We are about empowerment, self-worth, and encouraging customers to demand more out of life, even if that means starting with their makeup or their moisturiser. We want millions of customers to have access to our ‘no-middlemen, no-ridiculous retailer markup’ pricing.”

Index Ventures partner Danny Rimer added: “Beauty Pie delivers huge value to its customers demonstrated by exceptional member loyalty over many years. It’s a model that marries true industry disruption with customer obsession - a winning combination.”