Living Proof, the award-winning, technology-based beauty company, today announced the closing of a $30 million financing that will accelerate market expansion of its award winning hair care products, and support the development and commercialization of additional beauty technologies. The financing was supported by new institutional investors including Leerink Swann, and joined by existing investor and company founder Polaris Partners, as well as the Pohlad Family Capital Fund.
Jill Beraud, CEO of Living Proof states: “We are extremely well-positioned for the next phase of our rapid growth. The company is expanding market presence with existing, highly-innovative products, and preparing for the commercialization of new beauty technologies. Living Proof is well on its way toward the goal of becoming one of the most admired and trusted consumer products companies.”
Over that last year, we’ve lots of activity within the beauty industry. There has been a series of acquisitions and funding of beauty-based companies such as Birchbox, Glossybox and Urban Decay. Could this be a new trend?
Living Proof was founded by Jon Flint and Amir Nashat of Polaris Partners and Dr. Robert Langer, Institute Professor of MIT, who earlier this month was awarded the 2013 Presidential Medal of Technology and Innovation by President Obama. As the founding scientist of Living Proof, Dr. Langer analyzed existing beauty products to discover an industry reliant upon outdated technologies and similar ingredients that only yield insufficient results. By using technologies from outside the beauty industry, originating from MIT, Dr. Langer and the Living proof scientific team were able to disrupt the status quo of the beauty industry and deliver high-performance, truly innovative solutions such as No Frizz, the biggest breakthrough in anti-frizz technology in 30 years
By Lolita Alford