BOISE, Idaho, July 2, 2024 /PRNewswire/ — BoldHue, the female-founded technology company revolutionizing the beauty-tech industry with its personalized foundation device, has successfully closed an oversubscribed seed round, raising nearly $5.2 million in funding to date. The round was led by Lucas Venture Group with participation from Capital Eleven, Backstage Capital, Tacoma Ventures, Mark Cuban, and Kevin Huvane.
Founded in 2020 by two-time entrepreneur Rachel Wilson and published scientist and former aerospace engineer for Raytheon, Karin Layton, BoldHue is poised to disrupt the beauty-tech industry. The funding milestone will allow the innovative and patented device, which dispenses a perfectly matched shade in minutes and has been dubbed the “Keurig for makeup” to begin shipping its first 10,000 units this fall to an eager waitlist of over 40,000.
BoldHue is proud to be a female-founded company, drawing a meaningful parallel with Lucas Venture Group, a venture capital firm recognized for backing female entrepreneurs under the guidance of Managing Partner Sarah Lucas. “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!” said Lucas.
BoldHue initially raised nearly $2M between the company’s friends and family and pre-seed rounds, and this $3.37 million seed fundraise marks their first priced round. The newly raised capital will allow the company to ship their first round of kits, officially onboard their first round of key executive hires, and support marketing initiatives — including a nationwide roadshow. The BoldHue ‘BoldCrew’ street team will visit major metropolitan areas to introduce their cutting-edge technology and product from coast to coast, focusing on building community ahead of the 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.
About BoldHue:
BoldHue is a Boise-based technology company with a beauty vertical, known for its groundbreaking device that formulates foundation on-demand in the comfort of your home. Founded in 2020 by Rachel Wilson and Karin Layton, BoldHue aims to revolutionize the beauty industry by providing personalized and convenient beauty solutions.
www.boldhue.com
SOURCE BoldHue
