The $6.7 million round, led by Pendulum, will focus on expanding The Lip Bar and Thread Beauty's distribution as well as incubating a third beauty brand.
Earlier this year, Butler also launched Thread Beauty, a Target-exclusive complexion brand geared toward Gen Z. “The reality is, Gen Z doesn’t have the money to buy premium and prestige products, they’re looking for things that are super-affordable.”
Butler, who started her career on Wall Street before building brands, had only raised $2 million previously in 2018. “We have been very efficient with capital,” she said. “We had created a lot of value, expanded into Walmart, into Target and launched Thread with $2 million.” The new round will go toward marketing and broadening both brands’ distribution channels. The Lip Bar, for example, is opening a new retail store in Detroit, where the brand is based. Butler has other ambitions in beauty as well. “The Lip Bar Inc. now has two brands, The Lip Bar andThe Lip Bar’s revenues are expected to double this year, according to industry sources.
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