The funding will help expand the reach of the company’s AI-powered Proven Skincare range and fragrance line Noteworthy
The investment comes after a period of substantial growth
The investment, led by lead investor NewH2 Ventures, will be used to grow Proven’s two beauty brands – AI-powered Proven Skincare and personalised fragrance line Noteworthy.
This will involve creating new products and advancing existing technology, as well as expanding both brands’ reach through growth marketing and creative partnerships.
The Proven team will be expanded too.
Proven Skincare’s algorithm analyses millions of factors to select the best ingredients for customers’ skin.
Noteworthy, meanwhile, asks customers questions about their life experiences and individual preferences to make personalised scent recommendations.
Proven is ramping up its business momentum after experiencing a period of substantial growth.
Noteworthy is a personalised fragrance line
Noteworthy has generated upwards of $5m in revenue since its launch last year, while Proven Skincare recently expanded into the UK and Europe.
Proven is forecasted to reach more than $35m in revenue this year and be profitable by the close of 2023.
“Since Proven launched in 2019, we have built industry leading technology that allows us to create personalised beauty products unlike anything ever available to the public,” said Ming S Zhao, Proven co-founder and co-CEO.
“And this new funding allows us to continue our essential work of making personalised skin care and fragrance the standard.
“Consumers deserve more than one-size-fits-all beauty, they deserve personalised, technology-forward products that actually work.”