True Beauty Ventures Fund III

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 space. Many of TBV’s portfolio companies enable personal creative expression and are anchored in heritage using traditional ingredients and practices. 77% of True Beauty Ventures’ portfolio companies are aligned with Upstart’s focus on the creative economy. 

With a commitment to diversity and inclusion, TBV also makes investments with a focus on funding companies that address the specific needs of under-represented customers, including hyperpigmentation for darker skin, products for natural and textured hair, and makeup in an inclusive range of shades. 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 and wellness consumer. Upstart’s investment was contingent on TBV signing an impact reporting side letter.

TBV 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 has 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 has spent the last decade dedicated specifically to investing in the beauty industry.

Investment examples from Fund II include: Hung Vanngo Beauty, a creator-led beauty brand democratizing high-artistry makeup that celebrates individuality across skin tones, undertones, ages, textures, and gender expression; and Crown Affair, a modern haircare brand helping users build haircare routines while promoting creative expression with hair styling. 

TBV Fund III is targeting a $100 million fund size, an important milestone for an emerging fund manager.