Thirteen Lune has closed an US$8m seed plus investment round to fuel the brand’s plans to become the destination for inclusive beauty.
The funding will be used to drive the e-commerce platform’s omnichannel approach further after record sales in 2022.
It will also support bricks-and-mortar and experiential retail expansion.
The brand is opening its first standalone flagship in Los Angeles early this year.
Further development of the platform’s own private label skin care line ‘Relevant: Your Skin Seen’ is also on the cards.
This seed plus investment round was led by Kendra Bracken-Ferguson and Lisa Stone from The BrainTrust Fund.
The company makes early-stage venture investments identified via BrainTrust Founders Studio, a platform dedicated to black founders of beauty and wellness companies.
Thirteen Lune is an e-commerce destination designed “to inspire the discovery of beauty brands created and founded by black, indigenous and people of colour (BIPOC)”.
This capital, along with an initial seed round led by Fearless Fund late last year, represents a total of $12.5m raised for the brand.
The funding will help two-year-old Thirteen Lune reach profitability in 2023.
What is the secret behind Thirteen Lune’s success?
Thirteen Lune had a stellar 2022, with a 2,000% growth in sales year-over-year.
This was fueled by the launch of ‘Relevant: Your Skin Seen’ and the expansion of its in-store partnership with US department store chain JCPenney Beauty.
Adding more nationally recognised BIPOC-founded brands to the platform is also a driver.
The platform added lines such as Ami Colé, Buttah Skin and Pattern Beauty by Tracee Ellis Ross last year.
“As a 20-plus-year-old black beauty entrepreneur, it is an honour to shape the landscape of inclusive beauty, acting as an agent of change for BIPOC brand founders to receive recognition and opportunity,” said Thirteen Lune co-founder Nyakio Grieco.
“Our partners share Thirteen Lune’s mission to support diverse founders who have historically had fewer resources and opportunities to build a business and create generational wealth.”
Thirteen Lune CEO and co-founder, Patrick Herning, added: "Since the launch, we have proven that inclusivity and scalability are not mutually exclusive.
"With a mission to inspire the discovery of BIPOC-founded brands for people of all colours and backgrounds, we enter 2023 continuing to lead with intention and authenticity that will position us to continue our growth and momentum."
What is Thirteen Lune’s story?
Thirteen Lune was co-founded by Nyakio Grieco and Patrick Herning in 2020.
It launched with initial funding from investors Fearless Fund and Capstar Ventures.
As well as from American rapper Sean (Diddy) Combs, actress Gwyneth Paltrow, DJ Hannah Bronfman and supermodel Naomi Watts.
The business has grown from an e-commerce destination featuring 13 foundational black-founded brands to offering more than 160 beauty brands.
Of all the companies listed, 90% are BIPOC-founded.
The remaining 10% are from ally brands.
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