Backstage Capital

Jul 5, 2024

BoldHue, a female-founded technology company transforming the beauty-tech industry with its personalized foundation device, announced it has successfully closed an oversubscribed seed round, raising nearly $5.2 million in funding to date. The funding round was led by Lucas Venture Group with participation from Capital Eleven, Backstage Capital, Tacoma Ventures, Mark Cuban, and Kevin Huvane. Launched 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. This funding milestone will enable the inventive and patented device, which dispenses the right-matched shade in minutes and has been dubbed the “Keurig for makeup,” to start shipping its first 10,000 units this fall to an eager waitlist of over 40,000. BoldHue is a female-founded company, drawing a meaningful parallel with Lucas Venture Group, a firm recognized for backing female entrepreneurs under the guidance of Managing Partner Sarah Lucas. BoldHue had initially raised nearly $2 million between the company’s friends and family and pre-seed rounds and this $3.37 million seed fundraise marks their first priced round. This funding will enable the company to ship their first round of kits, officially onboard its first round of key executive hires, and support marketing initiatives, including a nationwide roadshow. And 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. KEY QUOTES: “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!” Sarah Lucas “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.” Rachel Wilson, Co-Founder and CEO of BoldHue Pulse 2.0 focuses on business news, profiles, and deal flow coverage.