July 8, 2024
BoldHue, a beauty-tech company founded by Rachel Wilson and Karin Lee, has recently secured $3.37 million USD in funding to help develop and launch its personalized foundation device. This device aims to eliminate the hassle often associated with finding the perfect foundation shade.
About BoldHue.
BoldHue’s core product is a device that scans the face to produce a custom-blend foundation based on an individual’s unique skin tone. Coined the “Keurig for makeup” by beauty enthusiasts, the counter-top sized device promises to create a perfectly matched foundation in minutes by placing a wand on different parts of the face to capture skin tone. The device uses a proprietary skin typing algorithm to analyze skin type and create the correct shade using five pigments: blue, black, red, yellow, and white.
About the Funding.
BoldHue’s recent funding was led by Lucas Venture Group, complemented by investors such as Mark Cuban. Lucas Venture Group’s managing partner, Sarah Lucas, is renowned for supporting female-led businesses.
“Supporting these trailblazing women from day one has been an absolute pleasure,” said Lucas. “Rachel and Karin have engineered the most elegant solution the beauty-tech industry has ever seen, setting a new standard for innovation and excellence. The ‘wow’ moment when people realize their perfect shade match foundation is delivered instantly is incredible!” she further states.
This new funding follows an initial $2 million USD raised through a friends and family investment and a pre-seed round. The new capital will be allocated to several key initiatives:
Product launch
Team building
Marketing and community building
BoldHue's Anticipated Impact on the Beauty Industry.
“There’s a growing need from customers for inclusivity, and brands have been starting to try to service that need,” Wilson said. “Online shade-matching quizzes are great, but it puts a lot of guesswork on the customer. And by the time they get it delivered in the mail, it may not be a match, or one day, the sun changes your skin complexion, and you’re a different shade…. [Then] there’s in-store, where you go get shade-match, but it’s very time-consuming and still limited in nature,” she added.
BoldHue is set to make a significant impact in the beauty industry, offering a personalized and inclusive approach to foundation that could change the way we think about makeup.
Author: Tierra Benfield, 2024 Summer Intern
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