Online beauty subscription service Ipsy has raised US$100 million in a second round of funding led by TPG and Sherpa Ventures, according to a report published by BloombergBusiness.

The deal values the e-commerce venture, which boasts annual sales of US$150 million, at US$500 million. The investment will be used by Ipsy to expand globally, extend its inventory and increase its marketing spend.

Co-founded by Michelle Phan and Marcelo Camberos, Ipsy provides subscribers with a monthly ‘Glam Bag’ for US$10. Customers can tailor their product mix and receive discounts for additional purchases as well as access educational content, such as make-up masterclasses created by Ipsy.