CAMBRIDGE, Mass.--(BUSINESS WIRE)--Living Proof, a technology-based beauty company, headquartered in Cambridge, Massachusetts, announced today it has secured $16 million of Series B financing to expand distribution and fund new research and development initiatives. The financing was provided by Piper Jaffray Merchant Banking and the existing investor, Polaris Venture Partners. Living Proof was founded by Polaris Venture Partners, a venture capital firm with an extraordinary 25-year track record, and Dr. Robert Langer, one of the world's top biomedical scientists. The company's unique approach to the beauty category is to launch breakthrough hair and skin products with newly invented materials that work dramatically better than anything else in the market today. Its first product introduction, No Frizz – a line of silicone-free, frizz-eliminating hair products -- officially launched in February 2009 at Sephora, QVC and livingproof.com, and was followed in 2010 by the successful launch of the FULL franchise, a line of volume-building haircare products that promote long-lasting fullness.
"We are delighted to have Piper Jaffray Merchant Banking as an investor in the Company," says Jon Flint, Executive Chairman and CEO, Living Proof and co-founder of Polaris Venture Partners. "Piper Jaffray brings deep industry knowledge in the consumer sector and is an industry leader in growth company investment banking." “Living Proof is a unique growth company with a problem-solving brand. By teaming with MITʼs Langer Labs, Living Proof has mixed technology and beauty to create real product innovation. We are pleased to be an investor in the Company” says Bob Rinek, Managing Director and Co-Head of Merchant Banking at Piper Jaffray.
Living Proof counts among its founders and advisors some of the top names in science, beauty and business, including Jon Flint and Dr. Amir Nashat of Polaris Venture Partners; Dr. Robert Langer and Dr. Dan Anderson of M.I.T.; Ward Stegerhoek, a top editorial stylist; Mitch DeRosa, owner of Mitchell John Salon; and Dr. Rox Anderson, head of Photo Medicine at Mass General Hospital and inventor of breakthrough laser therapies.
ABOUT LIVING PROOF
Living Proof is a Cambridge, MA based company that combines the best minds in science, business and marketing to bring true innovation and breakthrough technology to the beauty industry. Created by Polaris Venture Partners, Living Proof is dedicated to finding truly effective solutions for the toughest beauty challenges.
ABOUT POLARIS VENTURE PARTNERS
Polaris invests in businesses across a number of markets including digital media, technology, consumer, technology and life sciences. The firm has over $3 billion under management. Current and former portfolio companies include: Adnexus (sold to BMS), Advanced Inhalation Research (sold to Alkermes), Akamai Technologies, Allaire (sold to Macromedia), Alnylam Pharmaceuticals (ALNY), Art.com, Athletes' Performance, Glycofi (sold to Merck), HealthCentral Network, JibJab, LogMeIn, Momenta Pharmaceuticals (MNTA), Powersoft (sold to Sybase), QuantCast, Sirtris, Solidworks, TechTarget (TTGT), Transform Pharmaceuticals (sold to Johnson & Johnson) and WordPress.
ABOUT PIPER JAFFRAY
Piper Jaffray is a leading middle market investment bank and asset management firm serving clients in the U.S. and internationally. A proven advisory team combines deep industry, product and sector expertise with ready access to global capital. Founded in 1895, the firm is headquartered in Minneapolis and has offices across the United States and in London and Hong Kong. www.piperjaffray.com http://www.piperjaffray.com