Going Personal: Proven Skincare's $12.2 Million Series A Funding
Funding expansion for custom skincare brand Proven, securing $12.2 million in capital.
Get ready to say goodbye to one-size-fits-all beauty products, because personalized skincare brand Proven is on a roll! The company recently bagged a whopping $12.2 million in Series A funding, led by NewH2 Ventures. This isn't just peanuts - existing investors also jumped on the bandwagon. Proven will use this investment goldmine to expand its brands, Proven Skincare and Noteworthy, and beef up their team.
But hold up, this isn't the first time they've cashed in. Proven has previously raised $6 million in seed funding and another $3 million in Regulation A+ funding, bringing their total investments to over $21 million.
So what's the big deal about Proven? Well, this baby has grown to rake in more than $30 million in revenue, reached the break-even point, and is set to be profitable by the end of the year.
In the last year alone, Proven has conquered the UK and Europe, struck a partnership with beauty retail powerhouse Sephora, been granted two patents, and birthed the DTC Noteworthy scent brand, which has revenue of $5 million.
The secret sauce? Proven's ability to craft unique skin care and fragrance products, customized for its customers. Both Proven and Noteworthy - launched this year - rely on AI technology to whip up products that cater to each customer's specific skin care or scent cravings.
Wondering how AI fits into the picture? When you roll up to Proven's website and take their three-minute quiz, an algorithm deconstructs a plethora of factors for you, including seasonal changes, tolerance to active ingredients, geographical moves, aging, pregnancy, and more. This magic allows Proven to serve up beauty products as unique as your personal style.
Founded in 2017 by Ming Zhao and Amy Yuan, Proven officially launched in 2019 after a period of rigorous research. Their research, dubbed the Skin Genome Project, covers over 4,000 scientific studies and more than 20 million people's skin care preferences. The project has cataloged over 100,000 individual beauty products and the effectiveness of 20,238 skin care ingredients.
Co-CEO and skincare revolutionizer, Ming Zhao, puts it this way: "Since Proven launched in 2019, we have built industry-leading technology that allows us to create personalized beauty products unlike anything ever available to the public. This new funding allows us to continue our essential work of making personalized skincare and fragrance the standard."
Intrigued? You should be! Personalized beauty is the future, and Proven is leading the charge. Never settle for basic beauty products again - it's all about catering to unique needs, just like a tailor-made suit for your skin!
- Proven, a personalized skincare brand, received a significant $12.2 million in Series A funding led by NewH2 Ventures.
- Apart from NewH2 Ventures, existing investors also invested in Proven's growth.
- The funding will be used to expand Proven's brands and enhance their team.
- Proven has previously raised $6 million in seed funding and another $3 million in Regulation A+ funding, bringing its total investments to over $21 million.
- The company has exhibited impressive growth, generating over $30 million in revenue and being projected to become profitable by the end of the year.
- In the last year, Proven expanded into the UK and Europe, partnered with Sephora, patented two innovations, and launched a DTC scent brand, Noteworthy, achieving $5 million in revenue.
- Proven's unique selling point is its use of AI technology to create custom skin care and fragrance products based on a multitude of factors, such as seasonal changes, geographical moves, aging, and even pregnancy.
