L Catterton invests in make-up newcomer Dibs Beauty

By Julia Wray | Published: 27-Apr-2023

Dibs’ founders include the entrepreneurs behind Tula Skincare, formerly backed by L Catterton

L Catterton is backing another up-and-coming beauty name.

Make-up brand Dibs Beauty has received ‘significant growth capital investment’ from the consumer-focused investment firm.  

Launched in 2021, Dibs Beauty is the brainchild of Bobbi Brown Cosmetics co-founder Kan Landis; tech entrepreneur Dan Reich; entrepreneur Courtney Shields; and the former COO of ARod Corp Jeff Lee.

Landis and Reich previously co-founded Tula Skincare, which also partnered with L Catterton from 2017 until Tula’s acquisition by Procter & Gamble last year.

Dibs Beauty’s selling point is high-payoff glam for the busy beauty consumer.

Its hero products include Desert Island Duos and Status Sticks, with sales of its Duos growing more than 450% year-on-year.

Originally D2C, the brand entered its first retailer, Revolve, in July last year.

“Dibs is about elevating beauty essentials for consumers who range from 0 to 100 in terms of make-up knowledge,” said CEO and co-founder Lee.

“We have reached this milestone well ahead of expectations, and L Catterton has the expertise and agility to help us become the leader in multifunctional, effortless make-up.

“Our make-up goes where our customers go, and we intend to meet them both across our rapidly expanding digital channels and in brick-and-mortar retailers.”

Jon Owsley, Co-Managing Partner of the L Catterton Growth Fund, added: “Dibs Beauty is a highly distinctive brand that has quickly established a reputation for offering approachable, multifunctional make-up essentials that resonate with its customers.

“We are thrilled to once again partner with Ken and Dan who are proven entrepreneurs in beauty as well as Courtney and Jeff, who are uniquely suited to drive growth in this digitally-native brand.

“We look forward to leveraging our expertise in beauty to support the company’s ambitious expansion strategy.”

L Catterton has long cemented a reputation for investing in beauty start-ups, with current and former investments including Merit, Oddity, Function of Beauty, The Honest Company, Intercos, Marubi, Elemis and Nutrafol, as well as Tula.

Terms of the Dibs transaction were not disclosed.

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