The Good Face Project, an innovation platform for the next generation of beauty, has grabbed $5.65 million in seed funding. The round was led by VMG Catalyst (which closed $400M Fund II and backed Weee!) to infuse scientific ingredient-level data and insights into the Research and Development and innovation cycle for cosmetics.
Stellar list of investors
The participating investors in the round include Spark Growth Ventures, REDO Ventures, Capsum, and influential industry executives, including John Heffner (CEO, Summer Fridays and former CEO, Drybar), Romain Gaillard (Founder and CEO, The Detox Market), as well as Andy Ballester (Co-Founder, GoFundMe).
The new funding will be used to expand the product experience, accelerate customer adoption, and scale the team.
In addition to the investment, Brooke Kiley, Partner at VMG Catalyst and Hem Suri, Founding Partner at Spark Growth Ventures will be joining the board as director and board observer, respectively, as part of this raise.
Iva Teixeira, Co-Founder and CEO of The Good Face Project said, “The Good Face Project is transforming the way brands, manufacturers and ingredient suppliers approach research and development, and giving them confidence that their new formulas will include thoughtfully sourced ingredients and meet regulatory requirements, while also satisfying consumer demand for transparency, safety, and sustainability. We’re excited and grateful for this new financing which we will put to use in empowering best in class beauty innovation and formulation.”
“The Good Face Project is playing a critical role in helping brands and manufacturers drive efficiencies in their innovation and product development process,” said Brooke Kiley, Partner at VMG Catalyst. “We were immediately impressed by Iva Teixeira and Lena Skilarova-Mordvinova and the technology they’ve built. We’re excited to see the positive impact that The Good Face Project will have by bringing transparency and sustainability to the beauty industry.”
Founded by women entrepreneurs
The Good Face Project is a chemistry informatics company, which focuses on scientific formula design, evaluation, and optimization. The company was created by Ukrainian data scientist, Lena Skliarova-Mordvinova, and Bulgarian-born technologist, Iva Yovchev Teixeira in 2018 in California.
Its mission is to empower chemical product innovators with real-time scientific data, so that they can create formulas that deliver performance, while safeguarding human health and the environment.
Their AI-powered, science-backed technology is capable of tackling formula design and optimisation in any vertical, thus positioning the company as an industry-agnostic chemistry informatics platform targeting a collective market of over $1 trillion.
The Good Face Project is focused on creating efficiencies and transparency in the development of personal care products. It has built the world’s largest centralised International Nomenclature Cosmetic Ingredient (INCI) level database, which encompasses up-to-date scientific research, as well as worldwide regulatory and sustainability parameters.
Its cloud-based platform, the Good Face Formulator, enables efficacious product creation and formulation based on the latest science, while also allowing brands and manufacturers to easily grade their formulations against worldwide regulatory compliance requirements.