Detroit beauty company The Lip Bar (TLB) said it has raised $6.7 million in an effort to expand its product 10 years after originally launching.
TLB was founded by Melissa Butler is 2012 and has grown immensely since, offering vegan, cruelty-free and non-toxic lipsticks. In 2022, TLB launched a sister brand, Thread beauty, which is a "Gen Z-focused, BIPOC beauty brand."
According to a news release, the round of fundraising was led by Pendulum, which is a growth investing and advisory platform designed for founders and leaders of color, and also was helped by The Fearless Fund and Endeavor.
"TLB's tremendous success is a direct testament to Melissa Butler's dedication to building an innovative house of brands. Beyond its bold color cosmetics, TLB resonates with customers because of its commitment to reimagining beauty standards. We are excited to partner with Melissa and the TLB team as they continue to grow an inclusive platform in the category." said Pendulum’s Co-Founder and CEO Robbie Robinson.
“We plan on growing our team and improving our ability to better service the needs of our consumers across different divisions, because we understand how experience and expertise can spur growth quickly. We also plan to continue to drive our innovation forward to create beauty solutions that allow everyone to experience easy, effortless, essentials that empower confidence.” Butler said. "Until recently, I had only raised $2 million and with that $2 million, drove a massive expansion in Target and Walmart, hired top tier talent and launched a second brand, thread. If I could do that with $2M, I’m excited about what I can do with $6.7M!”
The brand has grown to great heights over the past 10 years and is now sold in over 1,000 stores around the country, including Target and Walmart. The company also has a flagship store in Downtown Detroit in Parker's Alley.
