Michelle Phan has found such great success with her beauty-based YouTube videos that she’s managed to create a start-up company called Ipsy, which concentrates on beauty-related products. Today, Ipsy got a big boost by announcing an immense round of funding.
Variety reports that Phan’s company has managed to raise a staggering $100 million through Series B funding from TPG Growth and Sherpa Capital. This is on top of the three million dollars that was previously raised from investors like 500 Startups and Crosscut Ventures, as well as the recently reported $150 million in revenue it’s gotten from its 1.5 million subscribers across the U.S. and Canada. It s a silent little company that grew aggressively off the back of YouTube influencers, said one anonymous investor, speaking with Fortune.
This is a strong indication that investors believe the site will see strong, continuing profits down the road.
“Ipsy’s goal has always been to create a community that inspires women around the world to express their own unique beauty,” said Phan. “This investment is key to our continued commitment to the next generation of storytellers and creators everywhere it’s going to be a beautiful future.”
TPG partner David Trujillo also spoke on the funding, stating, “We see consumer preferences shifting dynamically across industries and Ipsy embodies this trend for beauty. Ipsy has created a platform through which brands can be more easily access customers, creators can connect with and expand their audiences, and consumers can discover new products and share these experiences via social media.”
Phan had a chance to speak at the recent [a]list Daily Summit in Hollywood a few weeks back, alongside CEO and co-founder of Ipsy, Marcelo Camberos. When we were developing Ipsy, we knew how important content was,” she explained during the interview. That video can be found below.
For further context, be sure to check out our interview with Phan, straight from the [a]list Daily Summit, at this link.
