Skincare brand Herbivore has secured $15 million in Series A funding led by Silas Capital, a venture and growth equity firm, with participation by Stage 1 fund, a newly formed consumer-focussed venture capital firm.
The move signals the first time the company has secured outside investment since its inception in 2011. Silas Capital is well known for accelerating growth for consumer brands, offering resources and capabilities for expansion in e-commerce and digital, as well as expertise in traditional wholesale and retail.
Alex Kummerow, Herbivore co-CEO, said, “Skincare was the initial category to embrace clean beauty, and Herbivore was one of the original brands helping to pioneer that movement. Having bootstrapped the business to date, we are eager to leverage this capital infusion to expand our manufacturing capabilities and increase brand awareness through digital and in-store marketing.”
Following the investment the company is looking to undertake numerous developments including recruiting more management, developing digital marketing further and, in the future, the potential opening of a retail store.
Speaking to WWD.com, Kummerow said, “We feel like our brand is so sensorial and there’s a lot to it we feel like we can make a really great space that showcases the brand.”
Co-CEO Julia Wills said, “We hope to be able to focus on creative endeavours for the brand, to expand the brand and brand awareness.”