Michigan, the U.S.A-based award-winning beauty company, The Lip Bar, raised USD 6.7 million in recent funding. The company announced the fundraise on October 3, 2022. Pendulum led the financing for the firm. Meanwhile, The Fearless Fund and Endeavor joined in the investment.
Purpose of financing for The Lip Bar
With the latest proceeds from the recent funding, the company intends to accelerate its product development nationwide.
The Lip Bar also seeks to expand its retail footprint by building a state-of-the-art store in the Detroit market. The store intends to offer a beautiful and immersive beauty shopping experience.
Moreover, the proceeds allow TLB growth opportunities in both existing and new retail channels over the next few years. Meanwhile, the brand continues to develop new and innovative products.
What the founder has to say
Melissa Butler, the founder of the company, added, “We plan on growing our team and improving our ability to better service the needs of our consumers across different divisions because we understand how experience and expertise can spur growth quickly. We also plan to continue to drive our innovation forward to create beauty solutions that allow everyone to experience easy, effortless essentials that empower confidence. Until recently, I had only raised USD 2M and, with that USD 2M, drove a massive expansion in Target and Walmart, hired top-tier talent and launched a second brand, thread. If I could do that with USD 2M, I’m excited about what I can do with USD 6.7M!”
What the investors have to say
Pendulum’s Co-Founder and CEO Robbie Robinson said, “TLB’s tremendous success is a direct testament to Melissa Butler’s dedication to building an innovative house of brands. Beyond its bold colour cosmetics, TLB resonates with customers because of its commitment to reimagining beauty standards. We are excited to partner with Melissa and the TLB team as they continue to grow an inclusive platform in the category.”
In addition, Arian Simone, General Partner and Co-Founder of Fearless Fund said, “I have personally witnessed Melissa’s journey from leaving Wall Street to the inception of TLB and the subsequent execution that has turned TLB into a first-class beauty company revolutionizing the variety of colours and bold lips for women of colour. We at the Fearless Fund are honoured to partake in this round alongside Pendulum and Endeavor. We look forward to adding value as Melissa continues to scale the business and offer solutions that cater to all buyers in the beauty space.”
About the company
Melissa Butler launched the company in 2011. The U.S.A-based inclusive beauty company The Lip Bar Inc. developed household brands The Lip Bar in 2012 and thread beauty in 2022. The company’s solid positioning stands due to the maximum impact, minimal effort vegan and non-toxic beauty brand.
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