The beauty brand’s parent company Oddity announced the closing of a $130 million private round led by tech investor Thomas Tull, investment firm Franklin Templeton, Fidelity’s investment arm and venture capital firm First Light Capital Group. Prior to the round, L Catterton was the brand’s sole investor.
“We’re honoured to partner with an amazing set of growth equity investors that share our view on the industry’s future and will support our efforts to become the digital beauty and wellness house of the future by continuing to disrupt additional sub-categories.” Oran Holtzman, Oddity’s co-founder and chief executive, said in a statement.
The consumer tech company said in 2021, Il Makiage surpassed $260 million in revenue, and it is planning to launch a second brand in the beauty and wellness category in February. The brand has recently focused efforts on boosting its data science and technology capabilities: Il Makiage acquired artificial intelligence start-ups Voyage81 in August 2021 and NeoWize in November 2019.
The acquisition marks the second technology company the brand L Catterton-backed beauty brand has purchased.