MIAMI and NEW YORK, July 30, 2021 /PRNewswire/ — True Magnificence Ventures L.P. (“True Magnificence”), the one beauty- and wellness-dedicated fund with a mixed 30 years of institutional magnificence investing and working expertise, introduced immediately that it has closed its debut fund, surpassing its preliminary goal of $30M, and reaching in extra of $42 Million. The fund is led by Wealthy Gersten and Cristina Nuñez, who collectively provide a uncommon depth of magnificence experience in rising progress investing.
“We launched True Magnificence to leverage our distinctive beauty-focused investing and working expertise and the in depth magnificence ecosystem I had constructed over a few years. That’s our unfair benefit,” stated Wealthy Gersten, Co-Founder and Managing Companion. “We join with our founders on a deeper degree as a result of we really perceive their companies and may also help speed up progress, whereas avoiding pricey errors alongside the best way.”
Éva Goicochea, founder and CEO of maude, stated “True Magnificence basically understands each the artwork and the science to constructing impactful, world-changing manufacturers. Cristina and Wealthy’s considerate strategy and deep experience in magnificence and private care make them additive and unparalleled companions all through the journey of constructing the enterprise and maude is proud to have them main the best way with us.”
True Magnificence is actively constructing a curation of class leaders and has made six investments thus far: AQUIS and K18 Hair (science-based hair care), Kinship (clear Gen Z skincare), Feals (premium DTC CBD), Crown Affair (luxurious ritual-based hair care), maude (trendy intimacy model), and a quickly to be introduced clear make-up model. True Magnificence values the sturdy partnership it has with every founder to assist affect profitable outcomes.
“Collectively Wealthy and Cristina carry a wealth of data and know-how, they’ve distinctive insights and actively roll up their sleeves to assist execute on crucial path targets,” stated Britta Cox, Co-founder of AQUIS and K18.
“Wealthy and Cristina make for an distinctive magnificence investing combo. Their perception in purpose-led companies and in distinctive insights that problem the established order — in addition to a continued deal with founders’ energy versus weak point — makes them a really perfect companion notably for ego-free founders pushed by impression and outcomes,” stated Suveen Sahib, Co-Founding father of AQUIS and K18.
One other key space of focus for True Magnificence is to offer extra equitable entry to capital with the elemental perception that investing in variety delivers stronger returns.
“As a Latinx feminine Co-Founder and Common Companion, I’m a part of the two.4% of US-based VC founding companions who’re girls, a staggering statistic reported by Ladies in VC,” stated Cristina Nuñez. “We want folks on either side of the desk, the funding determination makers and the model founders, to mirror the markets they serve. So far, I’m proud that our agency is majority feminine and over 80% of our present companion manufacturers have girls or minority founders.”
Companions Wealthy Gersten and Cristina Nuñez have identified one another for eleven years and labored collectively a number of instances previously. Wealthy is a seasoned institutional investor who has specialised in magnificence and private care and was a former companion at personal fairness corporations Tengram Capital, L Catterton, and North Citadel Companions. Cristina has a mixture of client personal fairness investing expertise at Tengram Capital and L Catterton in addition to magnificence working expertise as an government at Clark’s Botanicals and Laura Geller Magnificence.
Along with the workforce’s expertise, True Magnificence has additionally established a magnificence advisory board consisting of skilled magnificence executives to offer further help and steering to its companion manufacturers. The board consists of Elana Drell Szyfer, CEO of RéVive Skincare; Emily Dougherty, former Editor-in-Chief of NewBeauty; Kelly St. John, CEO & Founding father of KSJ Collective; Janna Ronert, Founder & Chairwoman of IMAGE skincare; Joel Palix, Founding father of Palix Limitless; and John Elmer CFO & COO, RéVive Skincare.
The fund is supported by a various and strategic LP base, together with magnificence founders and executives, monetary establishments, and household places of work.
About True Magnificence Ventures
True Magnificence pursues $1-5 Million investments in magnificence, wellness and private care manufacturers in search of a partnership anchored in strategic and operational sector experience. The companions’ in depth investing and working expertise permit them to determine successful manufacturers at an inflection level of breakout progress and assist them scale and exit efficiently. As sector specialists, True Magnificence has the flexibleness to take a position throughout a number of progress levels, from Seed to Collection C.
To study extra about True Magnificence, to be thought-about for funding, or turn out to be a model companion, please discover them at www.truebeautyventures.com and observe them on Instagram @truebeautyventures and LinkedIn.
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SOURCE True Magnificence Ventures