THE WHAT? Oddity has announced the acquisition of Revela for US$76 million. Following the deal, the company will invest a further US$25 million to set up Oddity Labs to boost the development and expansion of a science-backed beauty brand.
THE DETAILS Revela’s existing suite of new molecules will be integrated into Oddity’s current and future brands and further developed to find next generation solutions. The deal is expected to close in the second quarter of the year.
“We founded Revela to change the beauty and wellness industry, which has stagnated from underinvestment in science and technology,” commented Dr Zhao, Founder and CEO of Revela, “While biotechnology has broken new ground in molecule discovery, beauty and wellness has fallen behind for decades, and is serving consumers repackaged versions of sub-optimal ingredients that have been used for decades. Together with Oddity and its technology platform and online capabilities, we believe we will change this paradigm and redefine the industry.”
THE WHY? Oran Holtzman, Oddity’s Co-founder and CEO, reveals “Oddity is deploying its strong balance sheet to continue reinventing the beauty and wellness market and cement our competitive advantage and technology moat. With 40M+ users, 1B+ data points and dozens of machine learning algorithms, we believe Oddity is years ahead of our industry when it comes to technology.
“With the acquisition of Revela, we are doubling down on innovation but this time around science-backed product development and bringing proven pharma-grade technology to beauty and wellness. Not just for one ingredient or to solve one pain point – but with a platform that spans categories, use cases, and form factors.
“We believe the combination of Oddity’s dominant direct to consumer platform and scaling machine with Revela’s biotechnology will be a game changer for the industry. Together we will redefine product efficacy via AI-based molecule discovery engines for the benefit of consumers worldwide. Revela’s multi-category pipeline will be launched via Oddity’s current and future brands to support future growth.”