Julep Beauty has raised $30 million in Series C financing from a mix of new and existing investors.
Participants include new investors Azure Capital, Madrona Venture Group and Altimeter Capital, as well as existing investors Andreessen Horowitz and Maveron. This round brings Julep’s total venture funding to $56 million.
Julep will use the funds to help accelerate its e-Commerce growth and overall innovation. The brand saw online revenues triple in 2013, and expects the momentum to continue, largely due to its crowd-sourced product development, which allows Julep release products 10 times faster than other beauty brands, according to the company.
“Julep combines tech savvy, a next-generation distribution model and beauty industry know-how in one fast-growing package,” said Mike Kwatinetz, General Partner of Azure Capital Partners. “It’s the only beauty brand to truly leverage crowdsourcing and social feedback to create new makeup and skincare products.”
With more than 300 non-toxic nail polishes, skincare products, cosmetics and beauty tools launched each year, Julep turns to its customers to decide which new products to release. The retailer encourages its advocates and fans to share feedback online via focus groups, brainstorming sessions and through social networks, including Facebook, Pinterest, Twitter and YouTube.
“Julep has truly figured out how to deeply engage women where they already are — social, mobile, and web — and leverage those channels to bring customers into the product innovation process,” said Julie Sandler, Principal at Madrona Venture Group. “You simply don’t see this anywhere else in the beauty category, and Julep’s customers are certainly responding. We are excited to support [Julep CEO] Jane [Park] and her bold vision.”