THE WHAT? Beauty marketplace Mira Beauty has closed $9 million in a recent funding round, co-led by Unilever Ventures and 14W, the venture capital firm behind Glossy and Goop.
THE DETAILS According to a statement the company plans to use the funds raised to take a “verticalized approach to beauty shopping,” as well as the redesign of the website and the phasing out of the beta app.
Having launched in 2019, the company allows consumers to work through a Q&A process whilst finding reviews from users with similar skin concerns. Aimed at increasing engagement in e-commerce, Mira states it “counts over 100,000 products from more than 3,000 brands; and translates over 10 million product pages, authentic reviews, photos and videos into one clear, simple, and personalized shopping experience.”
Jay Hack, Co-founder and CEO, said, “Our belief is that beauty should be a celebration of personal choice. We designed MIRA BEAUTY to improve the accuracy and relevance of beauty product searches and recommendations per individual.”
THE WHY? As e-commerce surges in a post-pandemic world, the ability to engage consumers in a seamless and effortless manner is making beauty tech a hot commodity. Indeed, according to 14W, Mira Beauty’s approach ‘is like Netflix: It rolls exactly what you want to see, and seamlessly.”
Hack continued, “Beauty consumers increasingly want to interact with brands and purchase products online in a way that feels authentic, frictionless and collaborative, and today’s specialty retailers, direct-to-consumer stores and marketplaces are ill-equipped to retrofit their businesses to this new reality. We are thrilled to partner with 14W, Unilever and other like-minded investors who have track records of backing market-leading innovations.”