THE WHAT? Makeup By Mario cosmetics brand has announced the completion of a US$40 million minority growth investment from private investment firm Provenance and Silas Capital, emerging growth equity and venture capital firm.
THE DETAILS Founder Mario Dedivanovic stated that the company is at an important milestone in its growth, and is looking for the right financial partners on the ‘journey.’
He continued: “Our goal is to build a legacy that we can be proud of, one based on timeless beauty principles. We’ve found the ideal partners in Provenance and Silas for that journey.”
Alicia Valencia, Global President of Makeup by Mario, says: “The alignment and partnership that we feel with the Provenance and Silas teams is incredible.
“We couldn’t be more excited to leverage Provenance’s capabilities within the e-commerce channel, along with Silas’ past success within the color cosmetics category to further amplify the brand’s trajectory.”
THE WHY? The investment signals further expansion plans for Makeup By Mario, with a press release stating that the financial injection will enable the brand to further accelerate the expansion of its product assortment at Sephora in North America and abroad.
It will also ‘augment the existing management team, and significantly grow its direct-to-consumer business.’