THE WHAT? The Lip Bar has announced that it has raised an oversubscribed US$6.7 million funding round to further grow its brand portfolio, which includes both Thread Beauty and The Lip Bar.
THE DETAILS The round was led by Pendulum, an inclusive and strategic investing platform for Founders of color. Other investors include The Fearless Fund and Endeavor.
Founder Melissa Butler commented, “We plan on growing our team and improving our ability to better service the needs of our consumers across different divisions, because we understand how experience and expertise can spur growth quickly. We also plan to continue to drive our innovation forward to create beauty solutions that allow everyone to experience easy, effortless, essentials that empower confidence.”
THE WHY? Pendulum’s Co-Founder and CEO Robbie Robinson, explains, “TLB’s tremendous success is a direct testament to Melissa Butler’s dedication to building an innovative house of brands. Beyond its bold color cosmetics, TLB resonates with customers because of its commitment to reimagining beauty standards. We are excited to partner with Melissa and the TLB team as they continue to grow an inclusive platform in the category.”