Kopari Beauty, a San Diego, California-based coconut oil-infused beauty line, has raised a round of venture funding.
The investment came from private equity firm L Catterton and celebrities including Ashton Kutcher, Mila Kunis, Karlie Kloss, Hilary Duff and Shay Mitchell.
The exact amount of the investment and the brand’s sales remain undisclosed, but industry sources estimate the sales for 2016 to be around $5 million, WWD reports.
Michael Farello, managing partner at L Catterton, said the capital “really will drive more of the awareness building.”
“Kopari came up on our list early as one of the dozen or so brands that we’re tracking and watching,” he said. “It’s natural and efficacious and we look for that combination and see both of those trends as ones that will continue to endure for the next five-plus years.”
Bryce and Gigi Goldman, Kiana Cabell and James Brennan, founded Kopari in 2015. The beauty line includes a range of oils, body milks, scrubs and face creams. The products are all made with coconut oil from the Philippines and are free of harmful toxins sulfates, silicones or parabens. The brand was launched on sephora.com last October and recently had a debut on QVC’s live shopping channel.
The current focus of the team at Kopari Beauty is growing sales for their recent skin care line. The investment will be used to drive more brand awareness and experiment with other ingredients that can enhance the benefits of coconut oil.
“Having [these] investors and actually writing checks into the company really sets the stage for some way to work together down the line in a very authentic fashion,” Brennan said.