AAPI-Owned Three Ships Beauty Raises $3.5 Million
Three Ships Beauty – a Canadian-made effective, transparent, and natural skincare brand – has raised a $3.5M CAD financing round led by BDC Capital's new Thrive Venture Fund, with participation from strategic angel investors.
TORONTO, May 8, 2024 /CNW/ - The award-winning brand will use the additional funding to further expand in the US market, invest in brand and growth marketing, and strengthen the team with strategic hires to continue scaling retail and e-commerce growth.
"This is huge for Three Ships and we're just so excited," says Connie Lo, co-founder of Three Ships Beauty. "Thanks to this funding from Thrive, we can expand our market reach and build more awareness around the products people already love. And with the right team in place, there's no limit to what we can achieve together."
"We're so grateful for investors like BDC's Thrive Venture Fund who not only believe in our mission but share our values," adds Laura Burget, co-founder of Three Ships Beauty. "We have great products that really work, and our customers love them. Now we can grow that awareness and make natural, effective skincare accessible to more people."
"It has been truly remarkable to witness Three Ships Beauty's impressive growth, expanding customer traction and recognition in the North American market," said Mona Minhas, Partner, Thrive Venture Fund. ''The company's evolution to date, coupled with their steadfast commitment to improving transparency and sustainability in the skincare industry, fills us with anticipation for their next exciting phase of growth.''
Three Ships Beauty has become synonymous with natural-skincare innovation and efficacy. With a commitment to transparency and sustainability, every product is created with science-backed, plant-derived ingredients, free of fillers or chemicals, and packaged in 100% recyclable materials.
In 2023, Three Ships expanded its distribution to Whole Foods locations across North America and achieved profitability with an impressive 65% growth in total revenue. To start off 2024, they unveiled First Light Vitamin C + Caffeine Eye Cream – one of their most highly requested products – selling one unit every 30 seconds on launch day.
Connie and Laura were listed in Forbes 30 Under 30 Class of 2022, and received the EY Entrepreneur of the Year® in Ontario (2022), and RBC Canadian Women Entrepreneurs of the Year (2021). Their appearance on CBC's Dragons' Den further solidified their status as pioneers in the Canadian entrepreneurial scene, garnering widespread national attention.
Founded by Connie Lo and Laura Burget, Three Ships Beauty has become an effective, natural, sustainable skincare brand focused on transparency and transforming the clean beauty space. From farm to shelf, each product includes science-backed plant-derived ingredients, no fillers or chemicals, and is housed in 100% recyclable packaging. Better for the planet and better for the skin, Three Ships promises to deliver uncomplicated skincare backed by natural ingredients and real science. Their impressive products and successful launches have led them to continuous product sell-outs, including their 6x sell-out hero product, Skin Hero Bio-Retinol Serum, and 8x sell-out bestseller, the Dew Drops Serum. Continuously choosing upcycled ingredients, innovative packaging, and a commitment to fulfill a circular economy, Three Ships has met the standard of sustainable and eco-friendly skincare every step of the way.
BDC Capital is the investment arm of BDC, Canada's bank for entrepreneurs. With over $6 billion under management, BDC Capital serves as a strategic partner to the country's most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, as well as fund investments, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.
SOURCE Three Ships Beauty
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