The Lip Bar, a vegan and cruelty-free beauty brand founded in 2012 by Detroit native Melissa Butler, recently announced completion of a $6.7 fundraising round. In a market where capital for emerging companies is tightening, the capital raise – which was oversubscribed – is notable.
The round was led by Pendulum, an inclusive and strategic growth investing and advisory platform designed for founders and leaders of color. The Fearless Fund and Endeavor also came into the round, providing access to a robust international community through Endeavor and other women entrepreneurs.
The new round of funding will help TLB further grow its house brands, including The Lip Bar and thread beauty, the newly-launched, bold, gender-neutral, Gen Z-focused, BIPOC beauty brand.
Varnum partners Matt Bower and Mallory Field provided legal services associated with the fund raise, assisted by Alex Monahan. Varnum, which has worked with TLB since it began as a startup, has also provided significant intellectual property work for the company over the past several years, including around the launch of its newest vertical, thread.
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