NEW MONEY: Julep Beauty has secured $30 million in Series C financing, bringing its total venture backing to $56 million. New investors Azure Capital, Madrona Venture Group and Altimeter Capital, and existing investors Andreessen Horowitz and Maveron, participated in the round. Julep will put the money toward improving its technology capabilities. The brand has relied on technological concepts such as A/B testing, iterative processes and crowd-funding to respond directly to consumer demand and increase its speed to market. Julep asserts it brings products to market 10 times faster than traditional beauty brands and launches more than 300 products yearly. Revenue from Julep’s e-commerce sales tripled in 2013, according to the brand.
Jason Stoffer, partner at Maveron, said, “Julep is one of the only consumer companies that really understands the omnichannel model, driving incredible sales growth via a mixed e-commerce, subscription and retail model.” Jeff Jordan, a partner at Andreessen Horowitz, said, “The retail industry is in the midst of huge creative disruption, and e-commerce companies that leverage software and big data to transform the shopping experience are the ones that will survive and thrive.” Jane Park founded Seattle-based Julep in 2007, and the brand is now carried by Sephora, Nordstrom and QVC. Julep products are also available through Maven, its monthly nail polish and cosmetics delivery program. In May, Julep will release The Plié Wand, a polishing tool funded by Julep customers and developed with their guidance.
This story first appeared in the April 14, 2014 issue of WWD. Subscribe Today.