THE WHAT? Unilever Ventures, the venture capital arm of the Unilever Group, has partnered with True Beauty Ventures, an investment firm specialising in scaling beauty and wellness brands, to complete the inaugural institutional financing round for The 7 Virtues, marking the first investment by either investor in the fragrance category, underscoring their confidence in The 7 Virtues and the growing beauty and wellness sector.
THE DETAILS Founded in Canada in 2010 by entrepreneur, author, and activist Barb Stegemann, The 7 Virtues is a trailblazer in the clean and sustainably sourced fragrance category, crafting perfumes with a focus on sustainability and social impact. The brand offers a range of fragrances with a high 22% fragrance oil concentration, designed to harness the power of scent for personal growth and social change while promoting period equity in North America and globally.
The 7 Virtues fragrance collection includes popular scents like Vanilla Woods and Coconut Sun, available on the brand’s website and at Sephora in 18 countries. These fragrances are sustainably sourced, cruelty-free, hypoallergenic, and free of harmful chemicals, earning the Clean + Planet Positive seal from Sephora. The brand’s impressive year-on-year revenue growth of over 80% in FY 2023 outpaces the fragrance industry’s overall growth.
THE WHY? The joint investment from Unilever Ventures and True Beauty Ventures will enable The 7 Virtues to expand its presence with the opening of a New York office, enhance its team, meet growing demand, and establish a “Maison” in Nova Scotia, Canada, where customers can create personalised perfumes. This partnership not only represents a business collaboration but also a shared commitment to driving positive change in the fragrance industry and the communities supported by The 7 Virtues through its social enterprise.