Q3 2019

www.wealthandfinance-news.com 28 Wealth & Finance International - Q3 2019 Herbivore Raises $15 Million In Series A Funding Led By Silas Capital Herbivore, the cult-favorite prestige skincare brand, announced today that it has received a $15M Series A investment led by Silas Capital, a venture and growth equity firm with unique experience in accelerating growth for the next generation of consumer brands, with participation from Stage 1 Fund, a newly formed consumer focused venture capital firm with a heritage in providing financial solutions for investor backed brands. Founded in 2011 by Alex Kummerow and Julia Wills out of their Seattle kitchen, Herbivore offers an assortment of non-toxic, therapeutic products crafted with its iconic minimalist aesthetic. A social media darling, its line of 35+ SKUs ranges from skincare to bath & body, formulated with pure, active, highly concentrated vitamins, minerals and botanicals. The company currently sells through more than 500 doors globally, including prominent retailers such as Nordstrom, Credo, Space NK, Carbon Beauty, Follain and the industry leader Sephora — where it launched in 2015 and now represents one of the retailer's fastest growing and most productive skincare brands. Kummerow, the company's Co-CEO, expressed his excitement about the new partnership and the growth prospects for the business. "Skincare was the initial category to embrace clean beauty, and Herbivore was one of the original brands helping to pioneer that movement. Having bootstrapped the business to date, we are eager to leverage this capital infusion to expand our manufacturing capabilities and increase brand awareness through digital and in-store marketing." "This is a tremendously exciting time for Herbivore. With Silas and Stage 1 Fund on board, along with our highly talented and growing executive leadership team and staff, we are well-positioned for strategic and meaningful growth as we continue to solidify our standing as a category leader in clean skincare," added Co-CEO and Chief Creative Officer Wills. Silas focuses on category leading brands within the emerging growth segment of the consumer landscape. The firm not only invests capital to help these companies grow, but also brings significant resources and capabilities to actively assist in company growth through their expertise in e-commerce and digital expansion, alongside their knowledge of traditional wholesale and retail channels. Current investments include ILIA Beauty, HATCH, Boll & Branch, Bellroy, Casper, Naadam, Summersalt and Lord Jones. Brian Thorne, Partner of Silas, stated, "We have tremendous respect for what Alex and Julia have been able to accomplish in a relatively short period of time without the benefit of any outside invested capital to date. Herbivore's 100% natural formulations uniquely marry tangible results and sensorial luxury at an accessible price point – a proposition that has earned the brand its coveted status among consumers, influencers, retailers and investors alike. Already one of the fastest growing skincare brands at Sephora, we look forward to strengthening that relationship, while amplifying the company's e-commerce business and sizeable Instagram presence." Jeremy Triefenbach, Partner of Stage 1 Fund, added, "Having worked closely with the company as a financial consulting resource over the past few years, we're excited to further reinforce our partnership – as Herbivore is one of the initial investments of our recently launched venture capital fund. We believe that the business has tremendous upside and look forward to continuing to help the Alex and Julia meet the insatiable consumer demand for their products."