THE WHAT? The Good Face Project has raised US$5.6 million to scale its beauty innovation platform, which was led by VMG Catalyst.
THE DETAILS Other participating investors included Spark Growth Ventures, REDO Ventures, Capsum, EvoNexus, and industry executives John Heffner – CEO, Summer Fridays and former CEO, Drybar – and Romain Gaillard, Founder and CEO, The Detox Market.
The AI-driven platform is said to enable brands, manufacturers, and Fortune 50 global companies to meet consumer demands for safe, effective, and sustainable beauty products.
THE WHY? According to a press release, “The impetus for the Seed Round was the strong positive signal we received from R&D professionals in the industry, and the very clear understanding of how under-resourced these teams currently are.
“With the Seed Round behind us, our team can allocate funds to, both, growing the Good Face Formulator’s user base, and expanding its functionality to serve Beauty innovations more holistically over time.”
Iva Teixeira, Co-Founder and CEO of The Good Face Project, said, “We think of our platform as an R&D lab in the cloud.
“The Good Face Project is transforming the way brands, manufacturers and ingredient suppliers approach research and development, and giving them confidence that their new formulas will include thoughtfully sourced ingredients and meet regulatory requirements, while also satisfying consumer demand for transparency, safety, and sustainability.”