THE WHAT? Proven has raised US$12.2 million in a Series A funding round led by existing investor NewH2 Ventures. The owner of the eponymous machine learning-powered, personalized skin care brand has raised US$9 million in past rounds.
THE DETAILS WWD reports that the company is hoping to become profitable by the end of the year with revenue expected to hit US$35 million. Proven’s latest launch, the Noteworthy fragrance line, has been particularly successful.
THE WHY? Co-founder Ming S Zhao told WWD, “This new funding allows us to continue our essential work of making personalized skin care and fragrance the standard.”
The company plans to put the finds towards product development, advancing technology and marketing to expand the brands’ reach.