LVMH's investment vehicle L Catterton has led a US$40m funding round in brand incubator Squared Circles.
Squared Circles said it will use the funding to develop and scale at least five more health and wellness brands over the next three years.
The US-based business accelerator was co-founded by Alexander Gilkes, Osman Khan and Lukas Derksen in 2020.
It has launched three companies in the food, beverage, and health and wellness industries.
Freaks of Nature (pictured above), a skin care brand marketed for outdoor enthusiasts, and hypochlorous acid-formulated skin care line Magic Molecule are among Squared Circle's portfolio.
The company's CEO, Khan, described L Catterton as sharing Squared Circle's vision “for creating transformational brands, and our dedication to ingenuity and sustainability".
He highlighted that the investment company's consumer expertise and operational knowledge will support growth.
Squared Circles co-founders Alexander Gilkes, Osman Khan and Lukas Derksen
Jon Owsley, Managing Partner of L Catterton's Growth Fund, said the firm was “thrilled” to support Squared Circles' next phase of growth.
"Their targeted approach to consumables, expert grasp of consumer mindset and behaviour, and seamless fusion of science with culture will fill an important gap in the market,” said Owsley.
“Squared Circles is set to lead the next wave of profitable, impactful innovation that benefits both people and the planet."
This investment round follows L Catterton's participation in Squared Circles previous seed round, which was led by Wildcat Capital Management, LLC and Regeneration VC.
L Catterton has also just acquired a majority stake in Kiko Milano to help scale the Italian make-up brand.
Kiko Milano joins beauty brands Merit and Oddity in L Catterton’s portfolio.
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