BoldHue, a female-led startup aiming to redefine beauty tech, has raised approximately $3.4 million in an oversubscribed seed funding round. Lucas Venture Group, renowned for supporting disruptive startups, led the round, citing BoldHue's capacity to innovate within the beauty sector.
The funding round garnered participation from various investors, including Capital Eleven, Backstage Capital, Tacoma Ventures, Mark Cuban, and Kevin Huvane, and its success underscores investor confidence in BoldHue's vision and technological capabilities.
According to a press release, the company has raised nearly $5.2 million in funding to date: BoldHue "initially raised nearly $2M between the company's friends and family and pre-seed rounds, and this $3.37 million seed fundraise marks their first priced round."
Response to secured funding
Rachel Wilson, Co-Founder and CEO of BoldHue, expressed optimism about the investment in a media statement, highlighting its role in accelerating the company's mission to bring personalized beauty solutions to a broader audience. Wilson, a two-time entrepreneur, co-founded the company in 2020 with published scientist and former aerospace engineer for Raytheon, Karin Layton.
In a media statement, Wilson stated, "This funding milestone not only validates our technology but propels us forward in our mission to launch our personalized foundation device to all consumers and makeup enthusiasts alike."
Sarah Lucas, Managing Partner of Lucas Venture Group, shared in the same media statement that "Supporting these trailblazing women from day one has been an absolute pleasure," as "Rachel and Karin have engineered the most elegant solution the beauty-tech industry has ever seen, setting a new standard for innovation and excellence."
Personalized foundation device: Innovation in makeup
BoldHue's flagship product is its personalized foundation device, often likened to a "Keurig for makeup." This device leverages advanced technology to create bespoke foundation blends tailored to individual skin tones and types. Users input their skin characteristics, enabling the device to produce a foundation formula that precisely matches their requirements.
By addressing common industry challenges, such as finding the right foundation match and catering to diverse skin needs, BoldHue aims to set new standards in the beauty market.
With the capital infusion, BoldHue is strategically positioned to focus on key objectives such as scaling operations, advancing product development, and expanding market presence. Specific initiatives include shipping the first 10,000 units to an eager waitlist of over 40,000 this fall, onboarding the first round of key executive hires, and a nationwide roadshow where the BoldHue 'BoldCrew' street team will introduce their cutting-edge technology and product from coast to coast, with a focus on community building ahead of the market launch, the press release confirmed.
