Technology Crossover Ventures Completes $43M Minority Stake in Intelligent Beauty
EL SEGUNDO, Calif.--(BUSINESS WIRE)--Intelligent Beauty Inc., the beauty industry leader in advanced e-commerce technology and internet marketing, announced that it has raised $43 million in total from Technology Crossover Ventures (TCV) for a minority investment. Intelligent Beauty will use the capital to assist with continued rapid growth.
“We have seen unprecedented growth within the beauty space by adapting to the consumers’ need for information and convenience”
“TCV’s investment in Intelligent Beauty and extensive knowledge and expertise within the consumer Internet market opens the door for us to aggressively invest in maintaining the leadership of our innovative technologies,” says Don Ressler, co-CEO of Intelligent Beauty. “We look forward to offering consumers an enhanced beauty buying experience.”
Based in El Segundo, CA, Intelligent Beauty has grown to 185 employees since opening its doors in January 2006.
“We have seen unprecedented growth within the beauty space by adapting to the consumers’ need for information and convenience,” says Adam Goldenberg, co-CEO of Intelligent Beauty. “Working with TCV gives us the ability to stay at the forefront of the beauty industry by continuing to develop innovative ways of reaching consumers through new media.”
As part of the transaction, John Drew, general partner of TCV, will join Intelligent Beauty’s Board of Directors.
"Intelligent Beauty is a strategic portfolio company that exemplifies the innovation and tremendous growth potential of the consumer Internet market,” said John Drew of TCV. “We are pleased to extend our investment in the company, which has developed a premier product line, as well as a unique, highly profitable business model, and we look forward to working with the Intelligent Beauty team to further accelerate its expansion.”
About Intelligent Beauty, Inc.
Founded in January 2006, Intelligent Beauty is the beauty industry leader in innovative online marketing and new e-commerce technology. By combining the changing beauty landscape with an in-depth understanding of the internet, Intelligent Beauty has been at the forefront of targeting the modern consumer’s beauty needs through the interactive abilities of the internet. For more information about Intelligent Beauty, visit www.ibinc.com
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of growth capital to technology companies, providing funds to later-stage private and public companies. With $7.7 billion in capital under management, TCV has made growth equity and recapitalization investments in over 170 companies leading to 45 initial public offerings and more than 30 strategic sales or mergers. Representative investments include Altiris, eHarmony, Expedia, Fandango, Liquidnet, Netflix, RealNetworks, Redback Networks, Solect Technology, TechTarget, Travelport, Webroot, and Zillow. TCV has 11 partners and is headquartered in Palo Alto, California. For more information about TCV, visit www.tcv.com.