Israeli-owned cosmetics company Il Makiage closed a $130 million private fundraising round that put the company’s value at $1.5 billion, making it the newest unicorn owned by Israelis.
The investment was led by tech investor Thomas Tull, Franklin Templeton, Fidelity Management and First Light Capital Group, according to an announcement by Oddity, Il Makiage’s parent company, made on Monday.
“Our existing technology and road map are unlocking immense growth opportunities in the beauty and wellness industries and enabled us to drive a rare combination of scale, growth and profitability,” said Oran Holtzman, co-founder and CEO of Oddity.
“We’re honored to partner with an amazing set of growth equity investors that share our view on the industry’s future and will support our efforts to become the digital beauty and wellness house of the future by continuing to disrupt additional sub-categories.”
With headquarters in New York and an R&D center in Tel Aviv, Oddity has built some of the industry’s most advanced technological platforms which leverage data science, machine learning and computer vision capabilities to deliver an unparalleled online experience for its 24 million users and customers.
Il Makiage, under the umbrella of Oddity, builds and scales digital-first brands to disrupt the offline-dominated beauty and wellness industries, and surpassed $260 million in revenue for 2021. Oddity also owns SpoiledChild.
The company uses cutting-edge data science to identify consumer needs and develops solutions in the form of beauty, wellness and tech products.
As part of its technology platform, Oddity has developed several key products, including Powermatch, an AI-and machine learning-driven matching engine that delivers consumers the perfectly-matched shades for them, as well as another product called Kenzza, which is one of the largest libraries of beauty media content in the world.
“I am forever enthralled by companies that have the foresight to harness the power of technology and digital analytics to truly understand their consumer base to create new products and innovations that not only fill voids but revolutionize industries,” tech investor Tull said.
“Oddity is an excellent example of this kind of organization and their capabilities – and technology applications – expand well beyond the beauty and wellness industry,” he said. “I am excited to partner with them on their growth plans within their industry and beyond.”