PARIS — Ieva — the recently launched brand linking beauty, well-being, tech and the environment — has raised 2.5 million euros via a convertible bonds issuance.
The transaction, which is part of a second round of financing, was made via a private placement with CM-CIC Capital Innovation.
The private equity concern is already a shareholder in Ieva, which launched at the end of January. The brand founded by Jean-Michel Karam intends to use the new funds in part for its commercial deployment plan.
A first round of funding, which backed the development of Ieva solutions and their launch, was of about 3 million euros in the second half of 2016, with CM-CIC Capital Innovation, Karam and others.
“We are very satisfied with the conditions of the implementation of this issuance, which is part of a 10 million euro second funding round planned in the next 24 months,” the executive said in a statement.
Ieva is connected jewelry that measures environmental stressors and physical activity. It’s linked to a mobile application, which gives preventative and personalized recommendations based on the environmental information and answers to brief questions asked pertaining to a person’s level of expertise in beauty, and hair and skin preoccupations.
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At launch, product suggestions involved the IOMA brand, which Karam launched in late 2010 and subsequently sold to Unilever, and its little sister skin-care brand targeting Millennials, called M/C. Recommendations also included Elénature, an organic hair-care brand introduced by Ieva. But the selection will be open to other third-party brands, too, and linked to an online sales platform.
Just before Ieva’s introduction, Karan told WWD that he wants Ieva to benefit the planet. “I care about it as a scientist,” he said, reasoning that if millions of people wear Ieva’s Twin-C jewelry, the world can become meshed together and spawn a community determined to protect the environment.
“’I care about you, you care about the planet’ is a motto for us,” he said.