Ipsy isn't the only beauty box subscription service out there offering monthly goodies for $10 a box, but now, it may be the richest. According to TechCrunch, the brand just raised a $100 million round of funding from TPG Growth (an Uber investor) and Sherpa Capital, after previously raising less than $3 million up to this point. Ipsy was founded by Michelle Phan, YouTube beauty vlogger extraordinaire, and counts a user base of 1.5 million active subscribers.
"TPG and Sherpa Capital have a proven track record of helping build innovative consumer brands that are disrupting large, traditional industries," Marcelo Camberos, Ipsy's CEO, said in a statement. "With their extensive relationships in the media world, and deep understanding of how technology is driving new business models, these partners will be invaluable to us as we continue to scale and innovate to delight our community."
For comparison, one of Ipsy's biggest competitors, Birchbox, was founded five years ago and has raised $71.9 million — not in one giant round, but over the course of three separate investment periods. Its latest, a Series B round in April 2014, netted the brand $60 million.