Key Takeaways:

• The makeup brand launched by celebrity makeup artist Gucci Westman in 2018 has raised $15 million.
• Existing backers Imaginary Ventures and Prelude Growth Partners participated in the round.
• The investment news followed Axios reporting that the beauty company's sale process had gone quiet.

Westman Atelier secured new funding to focus on growth and wait out market conditions for a more favorable strategic exit environment.

WHO: Westman Atelier was founded in 2018 by makeup artist Gucci Westman with her husband and business partner David Neville, co-founder of Rag & Bone. The range is grounded in clean formulations targeted to older millennials. The brand launched in Barneys New York with a six-piece collection that adhered to its skin-first approach to makeup and positioned clean beauty formulations alongside high-performance results. In 2021, it expanded into Sephora. Its distribution includes specialty beauty retail and department stores domestically and internationally.

DETAILS:

• Existing investors Prelude Growth Partners and Imaginary Ventures, and Westman, which participated in Atelier's latest $15 million funding round, were revealed in a filing with the US Securities and Exchange Commission (SEC).
• In 2019, Prelude Growth Partners made a minority investment in Westman Atelier.
• G9 Ventures, Electric Feel Ventures, and Fernbrook Capital Management participated in earlier funding rounds. Andrew Rosen, former Chief Executive Officer of Theory and an investor in Rag & Bone, was also an early investor in the business.
• According to PitchBook, Westman Atelier has raised $36.9 million to date.