Black Beauty Retailer Thirteen Lune Closes $3M Seed Led By Fearless Fund

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The first-of-its-kind truly inclusive beauty e-commerce platform, thirteen lune, announced a $3 million funding round led by Fearless Fund, a venture capital firm by women of color, for women of color. The transaction underscores strong investor confidence in thirteen lune’s growth, profitability and market position and consumer interest in inclusive beauty. The investment will accelerate production of thirteen lune’s private label line, improvements to its supply chain, and build a more robust executive level team. 

Fearless Fund General Partner and co-founder, Arian Simone, was introduced to the co-founder of thirteen lune, Nyakio Grieco, through a mutual friend and was instantly impressed by its unique platform which is promoting representation in the beauty industry in a way that’s never been seen before. “Our goal as a VC fund is to support Women of Color-founded brands and bridge the gap in funding that currently has less than 1% of WOC-businesses receiving capital. We were particularly excited to lead this investment as it not only supports Nyakio and thirteen lune, but through their platform, also supports 100 beauty brands that are either founded by Black entrepreneurs or allies for Black beauty,” explained Simone. Fearless Fund has significant experience investing in the beauty and wellness space. Current and past investments include Range Beauty, Amp Beauty LA, Hairbrella, Slutty Vegan, Nudies and many others. 

thirteen lune launched in 2020 with 13 brands sold on its DTC platform. Today thirteen lune proudly carries 100 brands— 90% are founded by Black, Indigenous, People of Color (BIPOC) and 10% are ally brands. thirteen lune is growing exponentially this year, with 100% revenue growth in the past six months from online sales alone.  Their most recent partnership JCPenney, has scaled its brick-and-mortar footprint as the beauty shop-in-shop experience will be in 600 stores nationwide by 2023, with 10 already open. This retail expansion will supercharge growth for thirteen lune and increase consumer awareness.

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“As an entrepreneur for 20 years, it was very exciting to see how much the venture landscape has transformed from when I first started fundraising back in the early 2000s. Representation matters and seeing an increase of diverse fund managers in the market was extremely encouraging during our process,” says Nyakio Grieco, co-founder of thirteen lune. “Even though we have seen incredible progress, only 1.2% of venture capital is invested in Black women-founded businesses today, so there is still much work to be done. I am proud to be part of the change and grateful to be building this business with Fearless Fund.”

To date, only 93 Black women have raised more than $1 million in venture capital funding. This Fearless Fund led investment results in $4.5 million total capital raised for thirteen lune, and signals a paradigm shift for Black women founders. Fearless Fund was established to address the gap that exists in venture capital funding for women of color led businesses and to finally push the needle on the abysmal statistics that drive the current narrative today. “Of our many successes in 2021, I am most excited about demonstrating to the industry you can be on the right side of the inclusive conversation AND build a highly scalable and profitable business at the same time,” says Patrick Herning, Co-founder of thirteen lune.

thirteen lune’s funding round also includes commitments from Capstar Ventures, Fab Ventures, Swiftarc Beautyfund and Gaingels.