British skincare brand Facetheory has raised £10 million in a Series A funding round led by investment firm Active Partners. The brand will use the funding for R&D, market growth, and expanding its team.
In just three years, Facetheory’s revenue has skyrocketed from £2 million to £15 million. The company now has over 350,000 customers and employs 60 staff members.
Facetheory offers a wide range of vegan and cruelty-free products with natural ingredients. These include serums, sun cream, moisturisers, toners, and makeup.
The vegan skincare market
The market for plant-based skincare products is rising fast, projected to surpass a valuation of $683 million by the end of the year. Demand is being fuelled by rising economies such as China, India, and Brazil, as well as an increase in the number of working women worldwide. The development of new ingredients such as vegan collagen is also making it easier than ever for companies to offer cruelty-free skincare.
“I founded Facetheory on the belief that consumers deserved better for their skin; better ingredients, better results and better prices. It’s been an incredible journey to date, and I’m so proud of the amazing community we have built so far from our home in South Yorkshire,” said Facetheory founder Jamie Shuker.