SANTA ROSA, Calif., Aug. 13, 2021 /PRNewswire/ — High Beauty Inc. (“High Beauty”), a high-performance skincare brand expertly formulated with hempseed oil, today announced that it successfully closed its oversubscribed $4.17 million convertible bridge financing round (the “Financing”) on June 30, 2021. The Financing was expanded three times to accommodate additional investments from the High Beauty Brand. This included the launch of High Beauty’s second brand, canBE naturally®, in the United States. Additionally, high® launched a line of new biosynthesized cannabinoid products as well as high & bye for blemish-prone skin, both under its exclusive partnership with Lygos. After initially seeking $1.95 million, the Financing was expanded to $2.5 million and then $3.5 million before eventually closing at $4.17 million.
“The immense interest we received in this raise is a testament to the work our team has done in building High Beauty into a multi-brand, international beauty company,” said Melissa Jochim, Founder and Formulator, High Beauty. “After growing 2.6x in 2019 compared with 2018, and significantly expanding our distribution channels in both the United States and globally, we look forward to carrying these successes forward as we pursue our Series A financing in the near future.”
Half of High Beauty’s existing shareholders, including lead investor RIV Capital, participated in the Financing, accounting for $1.07 million. Seventeen additional investors contributed an additional $3.1 million in new capital, including ARI Holding, an affiliate of High Beauty’s Middle East distributor, PIF.VC, Treehouse Global Ventures, and Highlands Venture Partners. Stubbs Alderton & Markiles, LLP, through its investment affiliate SAM Venture Partners, and Consolidated Design West, key vendors of the company, also participated in the round.
About High Beauty: High Beauty is a multiple-branded beauty portfolio that spans channels and borders globally. Both high® and canBE naturally high® products are expertly formulated with hempseed oil, bioflavonoids and pure essential plant oils, to deliver the high-powered benefits of hemp and set a new high for clean beauty standards. The company has global distribution partnerships in the U.S., Canada, Asia, the United Arab Emirates, and the European Union. More information can be found at www.highbeauty.com and canbenaturally.com
SOURCE High Beauty Inc.