The first cosmetics platform for honest product reviews, We Are Eves, has raised €3 million in its Seed investment round, bringing We Are Eves to €4 million in investment capital in less than 3 years. A record amount for a startup with female founders in the Netherlands. We Are Eves, which has more than 1.5 million views a month and is about to expand internationally, is attracting a lot of attention from domestic and international (tech) investors. In addition, big names from the world of cosmetics join We Are Eves as partners.
Partnerships with the leaders of the beauty industry.
Last year, We Are Eves brought strong partners such as international leaders in the world of beauty, including L’Oréal, Coty, LVMH, Shiseido Group, brands such as Kylie (Kylie Jenner), Paula’s Choice, Benefit, Dermalogica, L’Oreal Paris , Max Factor and many others.
Esther Leloux, CEO and co-founder of We Are Eves: “Our business model is B2B, we help our partners, beauty brands, to personalize their customer experience and increase sales. Our partners understand the value of honest, independent content on We Are Eves and see conversion increases of sometimes over 400%, ‘Order Value’ increases of over 10% and ‘Return on Ad Spend’ improvements. ‘ up to 150%. I am extremely proud of our portfolio of leading beauty brands that have the audacity to be transparent about how well their products work.”
New and existing investors participate in this We Are Eves funding round. The new investment was run by a Dutch ‘family office’. Other new investors in this round include Nicolaj Reffstrup (founder of high-end sustainable fashion brand Ganni), Joanna Invests and Vivino CEO and founder Heini Zachariassen; “I see a lot of similarities between Vivino and We Are Eves and I’m very impressed with their numbers at this early stage. I am excited to support the founders where I can with my knowledge of technology and scale the company in other countries. The beauty industry is almost twice the size of the wine industry, so it was clear to me from the start that this was a great investment opportunity.”
Initial investors also reaffirm their confidence in We Are Eves through co-investment. “We Are Eves’ mission is disruptive and valuable in an industry often overlooked by the investment community. But with over 1.5 million reviews viewed each month and triple-digit organic growth in user activity, it’s clear that consumers understand and support what We Are Eves wants to achieve. We are only at the beginning of this journey and we can’t wait to see where this goes.” Tamara Obradov, partner Tablomonto Ventures. Tablomonto, along with Hearstlab, a New York fund that focuses on female-led tech startups, is an investor from the start.
Claire Tange, CEO and Founder of Joanna Invests: “I am very proud to have closed this first investment with the Joanna Invests community, made up primarily of female investors, just a few months after launch. Joanna Invests fully supports We Are Eves’ mission to make the cosmetics industry fairer and more transparent through its members’ user-generated content. I am impressed by the drive and vision of the team to change this industry. Joanna Invests Angel Collective hopes to be part of its expansion plans to the rest of Europe”.
Launched in 2019, We Are Eves grew by more than 400% again last year. The new injection of capital is being used to fuel the rapid growth of the platform. For example, the focus is on further increasing ‘Monthly Active Users’ and expanding in Europe. We Are Eves is now available in 5 countries. leloux† “Not only the financial injection of our new investors, but also the knowledge and experience of the investment team that we have gathered around us, makes it possible to take our product to the next level. We will make it even easier for our already more than 2 million active users to share rich content and, thanks to AI, find and buy exactly the right product for them personally. We see many opportunities as thanks to the unique content of the community we already know more than 80% of our We Are Eves visitors organically and thanks to positive recommendations. We also closely follow Web 3.0 and NFT developments.”
Worried about the recession? lip effect!
Investors in the beauty industry are less concerned about the current recession, as the beauty industry has historically been fairly resilient in the face of bad times. This has a lot to do with the cheap “lipstick effect”. In a recession, people spend less on large luxury products and services, but opt for smaller luxury purchases such as makeup and cosmetics.
This article is a sent message and is not the responsibility of the editors.