Newly formed Next8 Investments has acquired Matter of Fact skin care for an undisclosed sum.
The beauty incubator’s founders Edward Connaghan and Denise Russell – prior executives of hair care giants Olaplex and K18 – have bought the premium US skin care line ahead of a “global roll out”.
Matter of Fact, created by Paul Baek in 2021, is “tipped to be a skin care unicorn”, read a statement from Next8 Investments.
The skin care line utilises 11 patent-pending technologies in its products, including hero item Brightening + Firming Serum.
Matter of Fact closed its second round of funding in March 2023 to the value of US$6m, hot on the heels of the company raising $10m in seed funding in 2021.
Next8 Investments aims to support emerging founders in the beauty and biotech industries and “pioneer” new technologies in human biology, artificial intelligence (AI) and genetics.
“We want to help the next generation of innovators navigate the complexities of launching disruptive, game-changing brands,” said Connaghan.
Next8 Investments founders Denise Russell and Edward Connaghan
Husband and wife duo Connaghan and Russell are seasoned beauty veterans.
Connaghan served as President of K18 from 2020 to 2024, while Russell worked as the hair care brand’s Senior VP of Global Business Development during this time.
The duo also worked for bond repair giant Olaplex.
Connaghan acted as Head of International Division Eightfold Consulting Engagement for Olaplex from 2013 to 2018.
During this period, Russell also worked for Olaplex as Consultant/Partner with Distribution Partners International.
“Pioneers in social influencing with a global network, Connaghan and Russell created an ‘Ambassador Army’ of professional hairdressers who became both brand advocates and influential customers, leading the company to achieve unprecedented success in the beauty sector,” read a statement from Next8 Investments.