Colourette Raises Seed Round Funding from Local VC Firm
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Filipino cosmetics brand Colourette Cosmetics has raised an undisclosed amount in seed funding from Foxmont Capital Partners, a local venture capital firm. Colourette is a company under Niv Della Beauty Innovations Inc, which also distributes beauty products under the Fresh Formula brand.
Niv Della was founded by Nina Dizon-Cabrera, a college dropout who managed to grow her fledgling company into a familiar and strong player in the highly competitive beauty business. She now also serves as the company’s CEO.
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"We are excited to announce Foxmont's investment in Niv Della,” said Franco Varona, managing partner at Foxmont Capital Partners, in a news release. “We see high potential in the Philippine D2C beauty segment and believe Niv Della's Colourette and Fresh Formula are strong brands that will continue to see impressive growth. We have worked on a compelling strategy with Nina and her team that involves new product launches, sales channel expansion, and distribution partnerships through Foxmont's network that will help the company scale rapidly."
A sampling of Colourette Cosmetics products
In its funding announcement, Foxmont praised Niv Della for being at the forefront of the growth of D2C (direct-to-consumer retail) “by leveraging the mass digitization of the Philippine economy and the rapid rise of e-commerce. Colourette has established itself as one of the leading grassroots D2C brands, consistently topping local and regional charts in the beauty category across leading e-commerce platforms Shopee and Lazada.”
Foxmont also highlighted Niv Della’s brands as D2C players that have reported significant growth as consumers’ attention shifted online.
“D2C brands in the beauty and skincare category have seen increased attention from investors both regionally and globally,” the release said. “In India, beauty D2C brand Plum recently secured $35 million in Series C funding led by A91 Partners earlier this year. NAMA Beauty of Indonesia has also successfully raised $5M in seed funding led by AC Ventures in late 2021. Back in 2019, female-founded clean beauty brand Drunk Elephant was acquired by beauty giant Shiseido exhibiting the growing interest in D2C beauty on a global scale. In later stage capital, Blackstone Growth announced a majority investment in Supergoop!, the leading protective skincare brand based in the United States last December 2021.”
The Colourette Cosmetics team
Founded in 2015, Colourette sprung from the mind of Dizon-Cabrera, who worked on creating her own makeup line “for Filipinos, by Filipinos.” According to the website profile, the founder considered factors “like the everyday Filipino's budget and lifestyle, our humid, tropical weather, and our specific range of skin tones!”
In December 2021, Dizon-Cabrera ventured into apparel with the launch of an inclusive swimwear line called Every Body.
Earlier that year, Dizon-Cabrera made headlines after police were said to be filing charges against her for her involvement in the alleged sale of COVID-19 vaccination slots. It turned out it was just a misunderstanding as she was actually the one who blew the whistle on a group involved in the scam. The charges were later dropped.
