Key Takeaways:
Some investors came off the sidelines in 2025 after a lull from cooling markets and higher borrowing costs, unlocking some of the pent-up demand, but the number of transactions was still down. The BeautyMatter Deal Index tracked 262 transactions, down 11.8% from 2024, yet broadly consistent with 2023 levels.
The decline in volume, however, tells only part of the story. This was a year defined less by frenetic activity and more by precision: fewer deals but more intentional ones. While the headlines were dominated by uncertainty, the market quietly kept moving, with enough meaningful transactions to sustain momentum and keep both strategics and investors engaged. What stood out most was the strategic clarity behind the deals that did get done—and the valuation confidence that often accompanied them.
For the fifth year, BeautyMatter has surfaced the most active investors based on dealmaking tracked in our BeautyMatter Deal Index.
French beauty conglomerate L’Oréal had a very active 2025, making its debut on the list and taking the top spot, with four investments and three acquisitions. Its venture arm BOLD made two investments this year in Indian skincare brand Deconstruct and Seoul-based luxury fragrance label BORNTOSTANDOUT.
Unilever Ventures made the list for the fourth year running, with six deals, down from nine in 2024 but up from five in 2023. The balance of the list comprises European firm Iris Ventures, UK firm JamJar Investments, and US firms Prelude Growth Partners and Sandbridge Capital, all of which are debuting on the list.
Unilever Ventures lands on the list for the fourth year, with six deals, down from nine in 2024. The transactions were evenly split between beauty and wellness. The London-based corporate venture capital arm of the British multinational consumer goods company Unilever was founded in 2002 to invest in beauty and wellness brands, commerce-enabling technologies, and B2B/enterprise technologies. Over the last two decades, Unilever Ventures has been a constant in the beauty and wellness investment landscape, empowering founders with strategic capital and global reach.
Perelel: Made a follow-on investment in the OB/GYN-founded vitamin company, participating in a $27 million funding round after leading the company’s $6 million Series A in 2024 and $4.7 million seed round in 2022. BeautyMatter FUTURE50 2026 brand.
Hung Vanngo: Unilever Ventures backed the celebrity makeup artist's namesake brand’s launch with Sephora exclusively in US and Canada.
Alice Mushrooms: Participated in an oversubscribed $8 million Series A funding round for the functional chocolate brand infused with adaptogenic mushrooms. BeautyMatter FUTURE50 2026 brand.
Plant People: Unilever Ventures participated in a Series A funding round for a comprehensive range of practitioner-grade, functional "Wonder" gummies.
indē wild: Led a $5 million funding round to support the brand's Sephora partnership. BeautyMatter FUTURE50 2025 brand.
RAS Luxury Skincare: The vertically integrated Indian skincare start-up raised $5 million in funding led by Unilever Ventures.
2024 Deals (9) Tracked: Perelel, Luna Daily, ESQA, Oak Essentials, Indu, SkinInspired, Clayco Cosmetics, Arata, OneSkin
2023 Deals (5) Tracked: Live Tinted, Straand, Thesis, What’s Up Wellness, 7 Virtues
2022 Deals (10) Tracked: Plum Beauty, Rael, Perelel, ESQA, Gallinée (acquired by Shiseido), Nutrafol (acquired by Unilever), Curlsmith (acquired by Helen of Troy), Grown Alchemist (acquired by L'Occitane Group), Mira Beauty (acquired by FemTech Health), ZitSticka (acquired by Heyday)
Other Beauty and Wellness Investments: BYBI, Create, Dose, Exponent Beauty, FabFitFun, Frank Body, Genexa, Grove Collaborative, Kopari, Lemme, Minimalist, The Nue Co., Pangea, Plant People, Sachajuan, Saie, Sentials, The INKEY List, Thesis, Trinny London, True Botanicals, Volition Beauty, Womaness.
Exits: Ioma, Beauty Bakerie, Blow Ltd, Nutrafol, ZitStika, Mira Beauty, Grown Alchemist, Curlsmith, Nutrafol, Gallinée
Prelude Growth Partners makes its debut on the list with four transactions. The New York City–based private equity firm, founded in 2017 by Alicia Sontag and Neda Daneshzadeh, is known for backing high-growth, founder-led consumer products and services businesses. This year, the firm closed its third fund, Prelude Growth Partners III, at its $600 million upper limit and was significantly oversubscribed. The fund is more than twice the size of its predecessor, which closed in 2021 with $250 million, and its first $80 million vehicle, launched in 2018. Fund III aims to commit between $15 million and $75 million to high-growth consumer businesses.
Perelel: Participated in the OB/GYN-founded vitamin company’s $27 million funding round. BeautyMatter FUTURE50 2026 brand.
OneSkin: Prelude made a $20 million Series A investment in the pioneering skin longevity brand. BeautyMatter FUTURE50 2024 brand.
Exit: 8Greens (acquired by Grove Collaborative). Prelude made a minority stake in the brand in 2019.
Exit: Phlur (acquired by TSG). The fragrance brand was a portfolio company of The Center, which Prelude invested in in 2021. BeautyMatterFUTURE50 2025 brand.
Other Beauty and Wellness Investments: Skin Pharm, Westman Atelier, So Good For You, Tower28, Blueland, The Center, dpHue
Exits: Sol de Janeiro, Summer Fridays, Naturium
Iris Ventures is a Barcelona-based, women-led growth equity firm investing in mission-driven consumer brands and tech-enabled solutions focused on Health, Wellness, Beauty, Lifestyle, Family, and Daily Tech. They back founders across Europe, US, and Asia, leading/co-leading Series A and growth stages, emphasizing community, purpose, and responsible innovation with capital and strategic support. Over the next four years, the firm aims to complete 12 to 15 investments, with roughly 80% of capital allocated to European companies and 20% to ventures in the United States.
Innerskin: Led the €12.8 million ($15 million) investment round of the next-generation aesthetics clinic to fuel its next phase of expansion.
Healf: Led a multimillion-dollar funding round in the UK-based online retailer specializing in premium wellness products.
Goddess Maintenance Co.: Made an investment in the professional biotech haircare brand.
Other Beauty and Wellness Investments: Superlativa, Biomel, Mammaly
JamJar Investments makes its first appearance on the list with three transactions. The London-based venture capital firm was founded in 2013 by the team behind Innocent Drinks, Adam Balon, Jon Wright, and Richard Reed, who sold their smoothie company to Coca-Cola in 2013. The firm specializes in seed and early-stage investments in high-growth consumer brand businesses based in Europe, capable of a £250 million+ exit and raising £0.5 million-£5 million.
Yepoda: Invested in the Series B funding round for the K-Beauty brand
Skin Rocks: Led the first outside investment round of writer and aesthetician Caroline Hirons' skincare brand.
Exit: Wild (acquired by Unilever). JamJar participated in the 2020 £2 million funding round for the refillable deodorant brand.
Other Beauty and Wellness Investments: Humantra, Skin + Me, Suri, Townhouse, Nimbi, Cuure, Bibbi, Boldking, Josh Wood Colour, Shellworks
Sandbridge Capital debuts on the list with three deals. The consumer growth equity fund was founded in 2012 with offices in New York City and Los Angeles. Known for taking a flexible and highly targeted long-term approach with a vast network and deep sector expertise targeting high-growth, market-leading brands, the firm strategically partners with global brands in the luxury, disruptive consumer-based technologies, beauty, and health and wellness segments.
Fara Homidi Beauty: Sandbridge made a significant minority investment in the namesake brand of makeup artist Fara Homidi. BeautyMatter NEXT50 2025 brand.
Everist: Invested in the Toronto-based waterless brand with the belief that eco products can be for everyone.
DedCool: Sandbridge increased its stake in the niche fragrance brand after its first investment made in 2022.
Other Beauty and Wellness investments: Peach and Lily, U Beauty, r.e.m. Beauty, Kulfi, Henry Rose, Madison Reed, Ceremonia
Exits: Ilia, Youth To The People
