Proven, a personalized beauty brand, has successfully raised $12.2 million in Series A funding from its existing investors, with NewH2 Ventures leading the investment round.
Having already secured approximately $9 million in previous funding rounds, Proven operates two distinct brands. The first is Proven Skincare, an AI-powered skincare brand that was launched in 2019. The second is Noteworthy, a personalized fragrance line that made its debut earlier this year.
The company has revealed that it is on track to generate revenue exceeding $35 million in 2023 and expects to achieve profitability by the year’s end. Noteworthy has already amassed over $5 million in revenue since its recent launch. Ming S. Zhao, the founder of Proven, stated, “Since Proven’s launch in 2019, we have developed cutting-edge technology that allows us to create personalized beauty products that were previously unheard of. This new funding will enable us to continue our vital mission of establishing personalized skincare and fragrance as the industry standard.” Zhao, along with Dr. Amy Yuan, established the company in 2017.
With the newly acquired funding, Zhao plans to invest in brand growth by developing new products, advancing technology, expanding market reach through growth marketing strategies, and establishing creative partnerships. Proven also intends to expand its team to support its growth trajectory.
Noteworthy operates by inviting customers to complete the Fragrance Finder Quiz, which includes questions about their personality, life experiences, and personal preferences to create a customized fragrance profile. Using this profile, Proven’s algorithm can then recommend personalized scents tailored to each individual.
The Discovery Kit, which includes four curated fragrance samples, is priced at $24.99, while the Travel Spray is available for $37.49. Each 3.3 oz eau de parfum costs $124.99.
On the other hand, Proven Skincare initiates the personalized experience with a three-minute quiz. Proven’s algorithm analyzes millions of factors based on the quiz responses to determine the best ingredients for each customer’s specific skin needs. The brand offers five products tailored to individual requirements: Personalized Cleanser, Personalized Day Moisturizer, Personalized Night Cream, Personalized Day Eye Cream, and Personalized Night Eye Cream.
