Boxycharm, a beauty subscription service based in Miami, Florida, has raised an undisclosed amount of private equity funding.
The investment came from, KarpReilly, a Greenwich, Connecticut-based private equity firm.
“We are very impressed with what [Boxcharm has] been able to accomplish by focusing on delivering a best-in-class experience to their subscribers and look forward to supporting them in their continued growth,” Allan Karp, KarpReilly’s co-founder, said in a statement.
Joe Martin, founded Boxycharm in 2015 as a monthly beauty box subscription service. The box cost $21 a month and delivers four to five full-size and luxury, travel-size beauty products to subscribers from popular and up-and coming beauty brands like Smashbox, Ofra Cosmetics and Tarte Cosmetics.
In a WWD report, Martin said influencers drive the box’s sales and help to “trend the products.” Boxycharm hires beauty influencers like Shayla Mitchell and Karen Sarahi Gonzalez, who are millennial favorites, to post about the brands featured in the box, which in turn generates buzz and sales of the box.
Martin said the new investment will be used to grow its full-time team, expand its influencer network and build out the company’s artificial intelligence capabilities to help the company optimize its social media engagement.