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True Beauty Ventures (TBV) is a New York-based venture capital firm founded in 2020 by Rich Gersten and Cristina Nuñez. The firm focuses exclusively on investing in emerging beauty and wellness brands, emphasizing diversity and inclusion within the sector as a Latina-led fund. TBV has established itself as a significant player in the beauty investment landscape, making 20 investments over the past three years.
True Beauty Ventures operates with a fund size of $75 million, having closed its second fund in 2024. The firm has a strong backing from beauty founders and executives, which enhances its credibility and network within the industry. TBV's investment strategy is characterized by a commitment to supporting brands at various stages of growth, particularly those that demonstrate strong consumer traction and innovative product offerings.
True Beauty Ventures invests exclusively in the beauty, personal care, and wellness sectors. The firm targets equity investments ranging from $1 million to $5 million, focusing on emerging brands that typically generate around $2 million in revenue. Their investment thesis prioritizes compelling brand and founder stories, proven product efficacy, consumer traction, omnichannel sales strategies, and strong profit margins.
TBV's investment strategy encompasses various stages, including Seed, Seed+ (Extension), and Series A. The firm seeks to partner with brands that not only have a strong market presence but also align with its values of diversity and inclusion. This focus on emerging brands allows TBV to identify and nurture innovative companies that are poised for growth in the competitive beauty landscape.
True Beauty Ventures has built a diverse portfolio of 20 companies, primarily in the beauty and wellness sectors. Notable portfolio companies include:
This portfolio reflects TBV's commitment to supporting innovative brands that resonate with consumers and demonstrate strong growth potential.
Rich Gersten: Co-Founder and Managing Partner at True Beauty Ventures, Rich Gersten is a veteran beauty investor with extensive experience in the sector. He has a strong track record of identifying and supporting emerging beauty brands.
Cristina Nuñez: Co-Founder and Partner, Cristina Nuñez combines investing and operational experience. She has held prior roles at Tengram Capital Partners, L Catterton, and UBS Investment Bank, bringing valuable insights to the firm.
To pitch True Beauty Ventures, founders should visit their website at truebeautyventures.com. It is advisable to include a comprehensive business plan, emphasizing the brand's story, product efficacy, and market traction. TBV prefers pitches that clearly outline the startup's growth strategy and potential for profitability.
Response times may vary, but founders can expect to hear back within a few weeks. Warm introductions are beneficial but not mandatory.
In 2025, True Beauty Ventures made several notable investments, including Jupiter (scalp care), Hung Vanngo (prestige makeup), Biologica (women's health supplementation), and Norms (wellness). These investments reflect TBV's ongoing commitment to supporting innovative brands in the beauty sector.
Additionally, the firm successfully exited its investment in K18, a haircare brand acquired by Unilever, which reportedly returned approximately 80% of Fund I capital in a single exit.
What are True Beauty Ventures' investment criteria?
True Beauty Ventures focuses on emerging beauty and wellness brands, targeting equity investments between $1 million and $5 million. They look for companies with compelling brand stories, proven product efficacy, consumer traction, and strong profit margins.
How can I pitch to True Beauty Ventures?
Founders can pitch their ideas through the True Beauty Ventures website at truebeautyventures.com. It is recommended to include a detailed business plan and highlight the unique aspects of the brand.
What makes True Beauty Ventures different from other investors?
True Beauty Ventures is a Latina-led fund that emphasizes diversity and inclusion in the beauty sector. Their deep sector expertise and strong connections within the industry provide unique advantages to portfolio companies.
What stages does True Beauty Ventures invest in?
TBV invests at various stages, including Seed, Seed+ (Extension), and Series A, allowing them to support brands as they grow and scale.
What is the typical revenue of brands True Beauty Ventures invests in?
True Beauty Ventures typically targets brands that generate around $2 million in revenue, ensuring they invest in companies with established market presence.
What kind of support does True Beauty Ventures provide to its portfolio companies?
TBV adds value through strategic guidance, operational insights, and connections within the beauty industry, helping founders scale their brands effectively.
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