PHLUR announces $7M in Series A funding, acquisition of clean beauty manufacturer Texas Beauty Labs
The combined funding and acquisition positions the clean fragrance and beauty leader to drive exponential growth in the category. Texas Beauty Labs, now The Goodkind Co, and Symrise form partnership to bring ingredient and go-to-market innovation together to empower the Indie Beauty community
AUSTIN, Texas, June 25, 2019 /PRNewswire/ -- Today PHLUR Inc., the leading fully transparent and sustainable fragrance company, announced that it has completed its Series A with a total of over $7mm in funding. The round was led by Symrise Inc, joined by existing investor Next Coast Ventures, and attracted as a new investor Belcorp, one of the beauty industry's top players in South America.
Concurrent with the funding, PHLUR acquired Texas Beauty Labs, a leading independent manufacturer of clean beauty products founded in 2008 by Mary Berry. The transaction reflects the company's steadfast belief in the tremendous opportunity to help bring safer, more sustainable and innovative beauty products to market, and it will enable Texas Beauty Labs to further enhance its products and services for existing and future clients. Reflecting this next stage in the company's evolution, Texas Beauty Labs has formally changed its name to The Goodkind Co.
"When we started four years ago, the words 'clean beauty' were not part of the common vernacular. We created a line of thoughtfully crafted fragrances with full ingredient transparency because we felt it was the right thing to do. Now clean beauty has become a movement, with more and more people correctly holding brands accountable to create safer and more sustainable products and be fully transparent in their product decisions," said Eric Korman, co-founder & CEO of PHLUR. "When I first met Mary and heard her story, I knew that our shared vision of creating beauty products with integrity and heart could lead to some amazing opportunities. We're thrilled by our new ability to rapidly evolve and test new products, and equally important, extend this ability to empower the independent beauty community. Our combined objective: to further accelerate the adoption of clean products by mainstream customers."
PHLUR and The Goodkind Co first partnered last year on the development of body care for PHLUR, and subsequently jointly launched Explore Naturals, an all-natural, high-performance line of deodorants. "With the launch of Explore Naturals, it was clear that we had created a special partnership. We launched the brand on Amazon in under three months, and then in the next three months we achieved annualized revenue of over $1M," said Mary Berry, the CEO of The Goodkind Co. "This is an early example of what we will be able to achieve together for our direct benefit, and equally as important for our clients."
In addition, the combination has resulted in a unique partnership with Symrise. "At Symrise, we have been leading the way for more sustainable fragrance and cosmetic ingredients for years and we fully support PHLUR's vision of full transparency. We are excited to partner with The Goodkind Co to be able to efficiently bring this innovation to the indie beauty community for the first time," said Achim Daub, Global President of Scent & Care, for Symrise Inc. "Eric's early vision behind the clean fragrance movement compelled our decision to originally invest in PHLUR. This combination is even more compelling, as it enables PHLUR to accelerate its leading position in clean fragrance, and creatively double down in clean beauty overall—both of which are of strategic interest to us as a leading supplier of innovative cosmetic ingredients and sustainable fragrance materials and creations around the world."
"At Belcorp we are convinced that by creating responsible and transparent beauty products we contribute to building a future full of possibilities for all. We believe that companies in the industry have a valuable opportunity to respond to the needs of our consumers and, at the same time, preserve the harmony and beauty of our surroundings. We are excited to take part in PHLUR's future innovations in the world of sustainable fragrances." said Erika Herrero, CEO of Belcorp.
About PHLUR Founded in 2015, PHLUR Inc. is a digital-first fragrance company that's completely reimagining how customers buy, wear and learn about scent. A certified B Corp, PHLUR provides complete transparency into its ingredients and processes, using an intentional balance of materials derived from botany and from the lab, to create stunning scents that are safer for skin, and safer the planet. PHLUR offers customers fine fragrances, body care, candles, and recently launched a line of natural deodorants under the brand Explore Naturals. PHLUR is available at www.phlur.com, as well as at Sephora and Credo. Explore Naturals is available at explorenaturals.com, as well as Amazon and Central Market. The Goodkind Co can be reached at www.goodkindco.com. PHLUR and The Goodkind Co are based in Austin, Texas.