Local cosmetics upstart Kopari Beauty has raised over $15 million in new capital from private equity firm L Catterton and celebrity investors that include Ashton Kutcher, Mila Kunis, and Hilary Duff.
The firm, founded in 2015, makes coconut oil-based beauty products and sells them directly to consumers through their e-commerce platform. The new cash will help boost the company’s marketing and inventory counts to support its recent retail partnership with beauty retail giant Sephora. The capital will also go towards product development, the company said in a press release.
Although Kopari Beauty did not disclose the size of the total round, a regulatory form filed with the U.S. Securities and Exchange Commission by Kopari’s parent company Koco Life reflected a new equity investment of over $15 million. The company’s co-founder James Brennan acknowledged that the statement was correct.
“(Kopari) is uniquely positioned to meet consumers’ increasing desire for natural and efficacious beauty products, and has already garnered a devoted customer following in the year since its founding,” said Michael Farello, managing partner of L Catterton’s growth fund, in a statement. “We see a significant opportunity to accelerate Kopari’s growth and development both in the U.S. and internationally to bring their unique products to customers around the globe.”
The company’s organic coconut oil products include balms, scrubs, and body oils. All products are free from sulfates, silicones, parabens, and genetically modified organisms (GMO).