Yesterday, BoldHue announced it has successfully closed an oversubscribed seed round with nearly $3.4 million, raising nearly $5.2 million in funding to date. This funding round was led by Lucas Venture Group, with participation from Capital Eleven, Backstage Capital, Tacoma Ventures, Mark Cuban, and Kevin Huvane.
The newly raised capital will allow BoldHue to begin shipping its first 10,000 units of the patented device, which dispenses a perfectly matched shade of foundation in minutes. Dubbed the “Keurig for makeup,” the device has already garnered a waitlist of more than 40,000 eager consumers.
Founded in 2020 by two-time entrepreneur Rachel Wilson and former Raytheon aerospace engineer Karin Layton, the Boise, ID-based company is poised to revolutionize the beauty-tech industry. Initial shipments are expected this fall. BoldHue initially raised nearly $2 million between friends and family and pre-seed rounds.
The influx of funds will facilitate the shipment of the first round of kits and the onboarding of key executive hires. Additionally, the funding will support national marketing initiatives, including a roadshow featuring the BoldHue “BoldCrew” street team, which will visit major metropolitan areas to build community ahead of the fall market launch.
“We’re incredibly grateful for the overwhelming support from our investors who share our vision for revolutionizing the beauty-tech industry. This funding milestone not only validates our technology but propels us forward in our mission to launch our personalized foundation device to all consumers and makeup enthusiasts alike. We are thrilled to be able to embark on the next phase of BoldHue’s journey,” said Rachel Wilson, co-founder and CEO of BoldHue.
“Supporting these trailblazing women from day one has been an absolute pleasure. 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 match foundation is delivered instantly is incredible,” added Sarah Lucas, Managing Partner of Lucas Venture Group.
