PARIS — WAAM Cosmetics, the French natural do-it-yourself beauty brand, has closed a second round of funding, of 5 million euros.
Lead investors were We Positive Invest 2, the impact fund launched a few weeks ago by Arkéa Capital that is new to WAAM, alongside Karot Capital, a specialist in early-stage investments and an investor in WAAM since 2020.
Another new investor is Pierre Cazaux, who started the global creative agency Dragon Rouge, alongside WAAM founder Dieynaba Ndoye.
The round has as its objective to accelerate the commercial and product development of WAAM at a time when it has just introduced its Magic Powder line of hygiene products.
WAAM ticks a lot of boxes for what beauty investors are interested in today, including its sustainable, DIY positioning (it offers consumers recipes using its own products as ingredients to address things like dull hair or sensitive skin), and broad reach with women of color.
In mid-February 2020, WAAM announced it had raised 1.5 million euros.
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WAAM, with a moniker that’s an acronym for “we are all metis” — referring to people of mixed ethnic heritage, was created in 2016 by Ndoye. It’s a Do-it-yourself cosmetics brand, based on a multicultural approach to beauty. Ingredients are sourced sustainably from around the world and include plant-based oils and butters, floral waters, essential oils, clays and natural actives, plus tools and accessories for mixing formulas.
The wholly natural, single-ingredient products with neutral bases are certified organic and vegan. They can be used alone or mixed together, based on more than 200 recipes created by WAAM, which people can follow if they choose.
For packaging, WAAM favors recycled and recyclable bottles and jars made in Europe.
The company was born online, but is now also sold in brick-and-mortar stores, including Di Beauty & Care in Belgium, and Monoprix in France.
The powder products hit the market on June 15. Their active ingredients are 100 percent natural and turn into foam on contact with water. The lineup includes toothpaste, shower powder, shampoo and face cleanser developed without water. The products come in glass and aluminum packaging that’s totally recyclable and refillable.
“It’s a real innovation for the cosmetics sector, where water represents between 60 percent and 90 percent of the product components available on the market, and which makes it possible to offer packaging that’s clearly reduced compared to that of conventional industry — thus reducing the tons of products transported,” a statement released by Arkéa Capital and Karot Capital said.
Ndoye said the fundraising will allow WAAM to continue its virtuous product development process and to accelerate the brand’s growth in France and abroad, particularly by strengthening its teams.
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