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The Lip Bar Inc., the holding company for inclusive, Gen Z-focused color cosmetics brands The Lip Bar and Thread Beauty, founded by CEO Melissa Butler, has announced a $6.7 million funding round closure.
The round was led by Pendulum with contributions from Endeavor and The Fearless Fund.
Butler told the media that the round followed a decade of stable growth undisturbed by the recent Covid-19 pandemic. The company’s best-sellers that resulted in “crazy” sales were the brand’s liquid matte lipsticks which offer long-lasting wear and hydration, Butler said.
The latest funding round monies will support marketing efforts and expanding the brands’ distribution channels. What’s more, The Lip Bar is set to open a new retail store in its native Detroit with revenues anticipated to double.
Thread Beauty was launched on Feb. 22 following the company’s decade-old brand, The Lip Bar, an idea which Butler first proposed on an episode of “Shark Tank” which the judges shot down but went on to be a great success. Thread Beauty is a vegan-friendly, affordable beauty brand that weaves in the concept that humans—celebrated for their individuality—are connected by a thread of shared desires and dreams. Thread Beauty speaks to all genders, races and age groups. It includes three, cruelty -free products that are easy-to-use for beauty lovers on the go.
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