The bank will release the $6.5m to Colorescience in two portions: $4m will be immediately available and the remaining $2.5m could be available as soon as September, explains the company in a media release about the money.
“The additional funds will support continued growth in the physician channel, further retail channel development and expand our geographic reach into new markets,” Steve Loomis, senior vice president and chief financial officer of Colorescience tells the press.
Contemporary branding
Colorescience did well last year; revenue was up 27%. And company executives believe there’s further potential to do well on a grander scale, thanks in large part to a recent rebranding.
By shifting from a focus on mineral makeup to identifying as “the creators of ‘suncare-as-makeup’,” Colorescience became a brand that resonates with consumers and one that investors have willingly backed. The ‘suncare-as-makeup’ idea came from the team at marketing innovation consultancy Cunningham Collective.
“Soon after the repositioning, Colorescience's stronger story compelled investors to fund a recent Series B round of $15 million,” notes the consultancy firm in its case study of the brand.
All the while, “Loomis credits the Company's focus on suncare, particularly through the Colorescience.com website, for strong sales growth in 2015,” affirms the company media release.
Line extension
Banker Rob Lake, senior vice president and head of the Life Sciences Group at Bridge, points to another recent company development that helped Colorscience secure financing: "The company's senior management team and board of directors have a wealth of experience and success in the skin care space and have done an excellent job building a premium brand with its Sunforgettable product line."
In spring last year Colorescience launched two notable products, Even Up Clinical Pigment Perfector SPF 50 and Sunforgettable Tint du Soleil SPF 30 UV Protective Foundation. Both are right on brand. The “multitasking formulas boast high levels of sun protection and efficacious skincare treatment ingredients while looking and feeling luxurious on skin,” according to the Color science media release.