BoldHue, a Boise, Idaho-based company founded by two women, has secured $3.4 million in seed funding to further develop and launch its personalised foundation device. This funding round, led by Lucas Venture Group, allows BoldHue to join a growing market for beauty-tech solutions that leverage technology to personalise makeup routines.
We also reported about how this female-led VC Seaya closed €300M fund to invest up to €40M in impact-driven companies a while back. You can have a look at it too.
A “Keurig for Makeup”: Personalised foundation on demand
BoldHue’s core product is a device that dispenses custom-blended foundations based on facial scans. The company aims to eliminate the guesswork and frustration often associated with finding the perfect foundation shade. Nicknamed the “Keurig for makeup” by some, the device promises to create a perfectly matched foundation in minutes, directly in a user’s home.
“We’re incredibly grateful for the overwhelming support from our investors who share our vision for revolutionising the beauty-tech industry,” said Rachel Wilson, Co-Founder and CEO of BoldHue. “This funding milestone not only validates our technology but propels us forward in our mission to launch our personalised foundation device to all consumers and makeup enthusiasts alike.”
This funding round follows an initial $2 million raised through friends and family investment and a pre-seed round. The new capital will be used for several key initiatives:
Product launch: The funding will allow BoldHue to fulfil its commitment to an existing waitlist exceeding 40,000 customers. The company plans to begin shipping its first 10,000 units this fall.
Team building: BoldHue will utilise the funds to bring on key personnel needed for successful product launch and ongoing operations.
Marketing and community building: A nationwide roadshow with a focus on major metropolitan areas is planned. The “BoldHue BoldCrew” street team will introduce the technology and build a customer base in advance of the product launch.
Female-founded company backed by female investors
BoldHue is a female-founded company, and its seed funding round reflects a growing trend of venture capitalists supporting female entrepreneurs. Lucas Venture Group, led by Managing Partner Sarah Lucas, is known for its focus on backing female-led businesses.
“Supporting these trailblazing women from day one has been an absolute pleasure,” said Lucas. “Rachel and Karin have engineered the most elegant solution the beauty-tech industry has ever seen, setting a new standard for innovation and excellence. The ‘wow’ moment when people realise their perfect match foundation is delivered instantly is incredible!
What we think about the startup
BoldHue is not alone in its pursuit of innovation within the beauty industry. Several companies are exploring the use of technology to personalise makeup routines. Some existing solutions utilise AI and machine learning to analyse customer data and recommend suitable products, while others focus on virtual try-on experiences. BoldHue’s emphasis on customised foundation directly dispensed by a home device positions them as a unique entrant in this evolving market.
The success of BoldHue will depend on several factors, including the effectiveness and ease of use of their technology, the quality of the foundation produced by the device, and their ability to compete with established cosmetics brands and emerging beauty-tech companies. The upcoming launch and customer response will be key to determining BoldHue’s impact on the personalised makeup market.
