Ipsy, an online beauty-products startup founded by YouTube star Michelle Phan, has raised $100 million in Series B funding from TPG Growth and Sherpa Capital.
The company claims to have 1.5 million subscribers in the U.S. and Canada for Glam Bag, its service that combines a monthly personalized product sample shipment with content from more than 10,000 beauty content creators on YouTube and Instagram.
Ipsy, which Phan founded in 2011, had previously raised about $3 million from investors including 500 Startups and Crosscut Ventures. The privately held San Mateo, Calif.-based company (incorporated as “Personalized Beauty Discovery Inc.”) said it has generated more than $150 million in revenue and that it is profitable.
“Ipsy’s goal has always been to create a community that inspires women around the world to express their own unique beauty,” said Phan (pictured above right, with CEO Marcelo Camberos and president Jennifer Goldfarb). “This investment is key to our continued commitment to the next generation of storytellers and creators everywhere — it’s going to be a beautiful future.”
TPG partner David Trujillo added, “We see consumer preferences shifting dynamically across industries and ipsy embodies this trend for beauty. Ipsy has created a platform through which brands can more easily access customers, creators can connect with and expand their audiences, and consumers can discover new products and share these experiences via social media.”