YouTube star to launch make-up delivery
By Gage Skidmore via Wikimedia Commons
YouTube star Michelle Phan has raised $100m in Series B funding from TPG Growth and Sherpa Capital for her make-up delivery service, Ipsy.
Ipsy sells monthly subscriptions to Glam Bags – a service rivalling Birchbox with 1.3 million subscribers. It was co-founded by Phan along with a number of business experts in 2011 and works closely with L'Oréal.
Consumers pay $10 a month to receive a bag of samples and full-sized beauty products, which are demonstrated by Ipsy's 10,000 content creators in a series of tutorials online. In July, the company launched Ipsy Open Studios, giving its creators access to its professional studios.
The company has previously raised more than $3m in funding from 500 Startups and Crosscut Ventures. It aims to turn over $150m in revenue this year alone.
This is the latest expansion of the beauty subscription service. Earlier this year, Sephora announced that it would be entering the market, joining Birchbox, Dollar Shave Club and Glossybox.