Oddity, parent company to pro-beauty brand Il Makiage has announced the closure of a $130 million private round that will power the launch of its wellness and skincare brand SpoiledChild. Oddity’s partnership with a number of equity investors sees the company valued at $1.5 billion. Oddity made waves last year with the acquisition of Voyage81, an AI-driven startup bringing hyperspectral imaging to the beauty industry.
Oddity’s core project is riding the divide between online and in-person beauty experiences. Following blockbuster success with their revitalisation of the Il Makiage brand, with revenues surpassing $260 million in 2021. With successful cosmetic expansion into Australia, the UK and Germany last year, Oddity is now set to disrupt the wellness, skincare and haircare markets.
Their brand SpoiledChild is planned to launch in February 2022, and their goal is to enter frequently “offline” skincare and wellness industries. SpoiledChild is an AI-and Machine Learning-matching engine that will deliver consumers perfectly matched skincare and haircare products. Importantly for the professional beauty industry, Oddity is currently developing tools that will enable external companies to use this skincare matching tech.
Matt Quinian is Portfolio Manager at Franklin Templeton’s Franklin Equity Group, one of the equity firms to invest in Oddity. He says Franklin Equity group were attracted to the brand’s vision and tech prowess. He says of the companies vision, “Oddity has built a proven, tech-driven platform which puts the customer at the centre and provides superior online experiencing.” He said that as the beauty industry responds to the pressures of COVID, brands and businesses online capabilities are more important than ever. “[Oddity] are a clear leader with a relentless mission to build the future of beauty and wellness. We think this is a very exciting time to invest in the company as the beauty and wellness industries undergo significant changes and continue to shift online.”
Founder and CEO Oran Holtzman told press: “Our existing technology and roadmap are unlocking immense growth opportunities in the beauty and wellness industries and enabled us to drive a rare combination of scale, growth and profitability. 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 sub-categories.”
Stay tuned.
Want more Il Makiage news? Read our interview with Il Makiage co-founder Oran Holtzman.
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