The Good Face Project, a chemistry informatics company targeted at the cosmetics industry, has secured a $5.65m seed fund to expand its business, led by venture capital company VMG Catalyst.
Developed with the aim of providing cosmetics brands with scientific research and regulatory information for more efficient and transparent NPD, the platform will use the latest funding to expand its product offering, accelerate customer adoption and scale its team.
The latest round of investors includes VMG Catalyst as well as Spark Growth Ventures, REDO Ventures and Capsum, as well as industry executives from the likes of Summer Fridays, The Detox Market and GoFundMe.
The cash injection will also see Brook Kiley, Partner at VMG Catalyst and Hem Suri, Founding Partner at Spark Growth Ventures, join the company's board as Director and Board Observor respectively as it seeks to grow the business.
"The Good Face Project is transforming the way brands, manufacturers and ingredient suppliers approach research and development,” said Iva Teixeira, co-founder and CEO of The Good Face Project.
She added that the company's cloud-based technology aims to “give [brands] confidence that their new formulas will include thoughtfully sourced ingredients and meet regulatory requirements, while also satisfying consumer demand for transparency, safety, and sustainability.
“We're excited and grateful for this new financing which we will put to use in empowering best in class beauty innovation and formulation."
Founded by Teixeira alongside Ukrainian data scientist Lena Skliarova-Mordvinova, The Good Face Project's customers include the likes of cosmetics brands Amika and The Honey Pot Company, as well as retailers and Target and CosBar and manufacturers including Best Formulations and Dynamic Blending.
