US based Julep Beauty has announced it has raised US$30m in Series C financing from new investors Azure Capital, Madrona Venture Group and Altimeter Capital, as well as existing investors Andreessen Horowitz and Maveron. The new investment brings Julep’s total venture funding to $56m.
Julep said it will use the new funds to continue its rapid pace of e-commerce innovation – the company’s revenues from e-commerce sales tripled in 2013. The brand leverages crowdsourced product development to speed up its product development and integrates customer feedback from online focus groups, real- world brainstorming sessions, Facebook, Twitter, YouTube and Pinterest into the development process.
“The retail industry is in the midst of huge creative disruption and e-commerce companies that leverage software and big data to transform the shopping experience are the ones that will survive and thrive,” said Jeff Jordan, partner at Andreessen Horowitz. “The global brands of tomorrow will be built online, and we’re thrilled to back a trailblazing company that’s bringing innovation to the enormous beauty market.”