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THE WHAT? Unilever Ventures, the enterprise capital arm of the Unilever Group, has partnered with True Magnificence Ventures, an funding agency specialising in scaling magnificence and wellness manufacturers, to finish the inaugural institutional financing spherical for The 7 Virtues, marking the primary funding by both investor within the perfume class, underscoring their confidence in The 7 Virtues and the rising magnificence and wellness sector.
THE DETAILS Based in Canada in 2010 by entrepreneur, writer, and activist Barb Stegemann, The 7 Virtues is a trailblazer within the clear and sustainably sourced perfume class, crafting perfumes with a deal with sustainability and social influence. The model provides a variety of fragrances with a excessive 22% perfume oil focus, designed to harness the facility of scent for private development and social change whereas selling interval fairness in North America and globally.
The 7 Virtues perfume assortment contains in style scents like Vanilla Woods and Coconut Solar, accessible on the model’s web site and at Sephora in 18 nations. These fragrances are sustainably sourced, cruelty-free, hypoallergenic, and freed from dangerous chemical substances, incomes the Clear + Planet Optimistic seal from Sephora. The model’s spectacular year-on-year income development of over 80% in FY 2023 outpaces the perfume business’s total development.
THE WHY? The joint funding from Unilever Ventures and True Magnificence Ventures will allow The 7 Virtues to increase its presence with the opening of a New York workplace, improve its crew, meet rising demand, and set up a “Maison” in Nova Scotia, Canada, the place clients can create personalised perfumes. This partnership not solely represents a enterprise collaboration but additionally a shared dedication to driving optimistic change within the perfume business and the communities supported by The 7 Virtues via its social enterprise.
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