Makeup By Mario Receives Growth Equity Investment From Provenance and Silas Capital
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New $40 Million Funding Round To Fuel Accelerating Momentum at Sephora, Product Development and Further Expansion of Nascent E-Commerce Channel
NEW YORK, Jan. 20, 2023 /PRNewswire/ -- Makeup by Mario, a rapidly-growing, artist-driven color cosmetics brand founded by Mario Dedivanovic, announced today the completion of a $40 million minority growth investment from Provenance, a consumer-focused private investment firm dedicated to helping brands navigate the complexities of omnichannel growth, and Silas Capital, an emerging growth equity and venture capital firm that invests behind exceptional next-generation consumer brands.
Launched in October 2020, Makeup by Mario was founded by Mario Dedivanovic, a world-renowned makeup artist who is sought after for his pioneering makeup techniques. With a client roster including celebrities, dignitaries, royalty and world leaders, Mario has worked with some of the most iconic faces of the last two decades. As the world's most followed makeup artist, Mario is a trusted leader in artistry education, sharing his trade secrets through his education platform The Masterclass. Today, the company sells a broad assortment of prestige color cosmetics exclusively through Sephora and its own website. Makeup by Mario recently launched its inaugural foundation line, SurrealSkin Foundation, a breathable, luminous foundation with customizable, long-wearing coverage.to broad industry and customer acclaim – one bottle has sold every 10 seconds since its launch.
"We were at an important milestone in the company's growth, and we were looking for the right financial partners to guide us on the next step of that journey. Our goal is to build a legacy that we can be proud of, one based on timeless beauty principles. We've found the ideal partners in Provenance and Silas for that journey," said Mario Dedivanovic.
"The alignment and partnership that we feel with the Provenance and Silas teams is incredible," said Alicia Valencia, Global President of Makeup by Mario. "We couldn't be more excited to leverage Provenance's capabilities within the e-commerce channel, along with Silas' past success within the color cosmetics category to further amplify the brand's trajectory."
The investment will enable Makeup by Mario to further accelerate the expansion of its product assortment at Sephora in North America and abroad, augment the existing management team, and significantly grow its direct-to-consumer business.
"We are thrilled to partner with Mario and Alicia," said Provenance partner Paula Sutter who will serve on the board of the Company. "They've built a phenomenal brand already, and we're honored to help be thoughtful stewards on the growth that lies ahead."
"Makeup by Mario is an incredible success story – one that we've been tracking since before its launch," said Brian Thorne, Partner at Silas Capital. "With Mario's awarding-winning and transformative products, unmatched social media reach and true artistry authority, we believe this makeup artist-led brand is well-positioned to become a clear leader in the cosmetics category."
Makeup by Mario was advised by Threadstone Partners LP and Cooley LLP and Provenance was advised by Perkins Coie LLP.
ABOUT MAKEUP BY MARIO
Makeup by Mario is a rapidly growing, premium beauty brand inspired by two decades of artistry experience. The Brand was founded by Mario Dedivanovic, who is one of the most acclaimed and influential makeup artists in the world, known for his groundbreaking techniques and focus on education. For more information, please visit www.makeupbymario.com.
Provenance is a consumer-focused private investment firm dedicated to helping brands navigate the complexities of omnichannel growth. Based in Los Angeles, Provenance is a value-added investor in a wide variety of consumer categories, including apparel, home, fitness, accessories, and beauty. For more information, please visit www.provenance.digital.
ABOUT SILAS CAPITAL
Since 2012, Silas Capital has been an active emerging growth equity and venture capital investor that partners with consumer brands, in order to help these companies achieve significant revenue growth and profitability, improve operational efficiency, and increase brand recognition and value. The complementary backgrounds of the firm's partners comprise executive leadership roles across growth equity and venture capital firms, as well as operating companies, which allows the group to deliver on a unique value-add proposition to the management teams, founders and companies with whom Silas partners. The firm not only invests capital to help these companies grow, but also brings significant resources and capabilities to actively assist in the growth of revenue through its expertise in e-commerce and digital expansion, alongside its knowledge of traditional wholesale and retail channels. Previous and current investments for Silas include Bare Snacks, Bellroy, Boll & Branch, Cake, Casper, Ceremonia, Chief, HATCH, Herbivore, ILIA Beauty, MUD/WTR, Naadam, Lord Jones, Sakara Life, Summersalt and Vacation to name a few. Learn more at www.silascapital.com.
Media contact: [email protected]
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SOURCE Makeup by Mario
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