Suncare cosmetic company Colorescience has successfully achieved $6.5million debt financing with the Life Science Group of Bridge Bank, a division of West Bank Alliance. The additional funds are said to help support continued growth.”
The company will receive $4 million funding immediately, with the $2.5million received as early as September 2016.
Steve Loomis, Senior Vice President and Chief Financial Officer of Colorescience, said, “The additional funds will support continued growth in the physician channel, further retail channel development and expand our geographic reach into new markets.”
Colourescience achieved strong sales growth in 2015 bolstered by a brand refresh earlier in the year which saw the company aim for a more unique, suncare-first approach. This approach is specifically targeted to women, with a new branding campaign and website overhaul being revealed last year.
Rob Lake, Senior Vice President and Head of Bridge Bank’s Life Sciences Group, said, “Bridge Bank is excited to be a resource and partner for Colorescience. The company’s senior management team and board of directors have a wealth of experience and success in the skin care space and have done an excellent job building a premium brand with its Sunforgettable product line.”