Loli makes waste-free, water-free natural beauty products. The business was founded by Tina Hedges, who said she took on the Fable Investment as she scales up sales at Ulta Beauty, and looks to build out inventory and ramp up marketing. Terms of the deal were not disclosed.
Loli has also raised seed capital from Redo Ventures, the family office of the L’Occitane family, Marie Claire Beauty Ventures and Emami, in India, as well as angel investors, Hedges said.
“We launched with a direct-to-consumer focus and between 2018 and 2019 we grew 1,000 percent,” Hedges said. The brand pulled back in 2020 during the pandemic, but launched with Ulta earlier this year with plans to roll into about 350 stores and online.
“We also launched an exclusive product with Ulta, [Arnica Elderberry Jelly All Day Mask-ne and Spot Rescue, $28] which has sold out twice on their website, which is a breakthrough all-day no mask-ne, no spot, no blemish treatment gel that is 100 percent zero waste not only from the formula but from the packaging,” Hedges said. The packaging is made from mushrooms.
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“It’s 100 percent compostable in the garden, worm food,” Hedges said. “We coinvented that product with one of the geniuses behind the Tide Pod — we have an incredible innovation team that I’m working with outside of our core team. We’re constantly looking at not just product, but the processes of, how do we continue to be low waste, how do we continue to find ways to upcycle ingredients, ways to innovate and actually effectively treat or help skin conditions.”
Hedges said the fundraising process has not always been easy, but she liked that Fable planned to support the brand as it stands today. “They don’t want to divert us in any way,” she said.
“I’m a minority female founder, I’m 100 percent Latin, I’m over the age of 50, I don’t fit a mold that a lot of VCs are looking for when they’re backing founders,” Hedges said.
But Fable, who approached Loli, liked Hedges experience level and her boundary-pushing sustainability plans.
“What really triggered our interest in Loli is the fact that it really, really pushed the boundaries of upcycling and sustainability to a point that we have not witnessed, honestly,” said Thomas Buisson, director at Fable Investments. He said he was also impressed with the products, which he said are well differentiated. “Potentially you will be a little bit surprised by some of the aromas or the textures,” he said.
Buisson said Hedges’ approach to sustainability goes beyond just ticking the right boxes.
“Today we speak to many companies, all of them will talk about sustainability, all of them will talk about recyclability. But Tina just brought it to a different stage,” Buisson said.
“She finds solutions,” Buisson added. It’s great to have all of these ideas and sometimes it can be of idealist and everything, but she finds a way to make use of it and it’s functional.”
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