Thirteen Lune, the inclusive beauty platform founded by Nyakio Grieco and Patrick Herning, has raised $8 million in a seed plus investment round, with new participation from The BrainTrust Fund.
The Fund, led by Kendra Bracken-Ferguson and Lisa Stone, makes early stage venture investments identified via BrainTrust Founders Studio, a platform dedicated to Black founders of beauty and wellness companies.
Alongside an initial Seed round led by Fearless Fund, the new capital means that Thirteen Lune has $12.5 million in total funds raised, which should help it reach profitability this year, according to the company.
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In a statement, Bracken-Ferguson said: “We are excited to support Nyakio Grieco and thirteen lune with this investment, propelling forward our organizations’ shared mission to create a pipeline of successful Black- and Brown-founded beauty and wellness brands, changing the paradigm within the industry and ultimately creating parity and equity for future generations.”
Grieco, creator of Nyakio Beauty and Relevant: Your Skin Seen, and Herning (of size-inclusive fashion site and brand 11 Honoré) launched Thirteen Lune in 2020, with initial investments from Fearless Fund, Capstar Ventures, Sean “Diddy” Combs, Gwyneth Paltrow, Hannah Bronfman and Naomi Watts.
The goal was to stock and help market brands that are founded by people of color and “ally brands,” with products that could be used by everyone. The business has grown quickly from an e-commerce destination featuring 13 foundational Black-founded brands, to offering more than 160 beauty brands on its platform, 90 percent of which are BIPOC-founded.
While the company declined to disclose a revenue figure, it said that the business has seen 2,000 percent plus sales growth year-over-year.
The capital raise will drive its omnichannel approach, supporting brick-and-mortar, experiential retail and Relevant: Your Skin Seen brand expansion. It will also continue expanding into 600 JCPenney locations nationwide and open its own flagship store, a 1,700-square-foot space in Larchmont Village in Los Angeles later this year.
Of the new investment, Grieco said: “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.”
Herning added: “With a mission to inspire the discovery of BIPOC-founded brands for people of all colors and backgrounds, we enter 2023 continuing to lead with intention and authenticity that will position us to continue our growth and momentum.”