True Botanicals has secured Series B investment from growth equity firm NextWorld Evergreen to expand the business.
The partnership will accelerate the ‘clean’ beauty brand’s retail footprint, ramp up distribution and “advance its mission” around its social and environmental impact.
“NextWorld’s expertise in beauty; environmental, social and governance (ESG); and omnichannel retail will support our next phase of growth and leadership towards a more sustainable future,” said CEO Sandy Saputo.
The terms of the deal have not been disclosed.
True Botanicals focuses on creating sustainable beauty, with all products going through comprehensive ingredient safety certification Made Safe.
NextWorld Evergreen is a San Francisco-based firm that invests in conscious consumer brands, such as Credo Beauty and The Citizenry.
"Our alliance with NextWorld is exactly the kind of values-based partnership that will expand our brand's mission,” commented True Botanicals founder Hillary Peterson.
“To deliver the most luxurious and effective products that are safe for people and the planet.”
NextWorld Evergreen said it is excited to partner with True Botanicals because of its “deep conviction” in ‘clean’ beauty.
“It is a very special brand that delivers on quality, modern luxury and proven efficacy, and is led by a powerful and proven team of beauty executives,” said Tiffany Obenchain, NextWorld Evergreen Managing Partner.
True Botanicals is no stranger to fundraising to boost the brand.
It previously raised US$8m via a Series A funding round in 2018, led by Sonoma Brands.
In 2017, Unilever Ventures – the conglomerate’s growth capital arm – also secured a minority stake in True Botanicals.