True Beauty Ventures Fund II
True Beauty Ventures (TBV) is a Latina-led fund backing female and diverse founders launching innovative beauty companies in the skincare, haircare, makeup, fragrance, bath & body, and wellness space. Many of TBV’s portfolio companies enable personal creative expression and several are anchored in heritage using traditional ingredients and practices. 85% of True Beauty Ventures’ Fund I portfolio companies fit Upstart’s focus on creativity and culture.
With a commitment to diversity and inclusion, TBV focuses on companies that address the specific needs of under-represented customers, including hyperpigmentation for darker skin, an inclusive range of makeup shades, and products for natural and textured hair. A majority of TBV’s portfolio companies prioritize non-toxic ingredients, sustainable packaging and practices, and ethical consumption as these characteristics are increasingly important to the beauty consumer. Upstart’s investment was contingent on the fund signing an impact reporting side letter; this is the first time TBV has committed to impact reporting.
The fund is led by GPs Cristina Nuñez and Rich Gersten. The GPs met in 2010 during their time as private equity investors at Catterton Partners (now L Catterton). Prior to launching True Beauty Ventures, Nuñez developed her investing and operating expertise in consumer goods having spent the first part of her career at private equity firms Tengram Capital and L Catterton, as well as UBS Investment Bank. Nuñez has also held executive leadership and operating roles in the beauty industry at Clark’s Botanicals and Laura Geller Beauty. Gersten spent the last 30 years investing and building consumer brands as a partner at three private equity firms: Tengram Capital Partners, L Catterton, and North Castle Partners. Gersten spent the last 9 years dedicated specifically to investing in the beauty industry.
Examples from Fund I and II include: Ami Cole, an inclusive beauty brand prioritizing wide ranges of make-up for melanated skin; and K18 Hair, a haircare brand known for reversing hair damage while celebrating experimentation and creative expression with hair styling and coloring.