On Thursday, Evereden raised $32 million in Series C funding led by GSR Ventures. The baby and family skin-care brand seeks to popularize the multi-generational family category.
Launched in 2019, Evereden offers 38 products for $11-$45 each. While luxury brands were some of the first movers to create baby skin-care products to complement their adult offerings circa 2019, there has not been as much buzz around mass or premium offerings for the family aside from The Honest Co. and Pipette. Evereden has raised over $40 million in funding. It plans to direct its new funding toward product development and international expansion via offline retail. Notably, the brand plans to launch in at least 90 Sephora doors across almost 20 global Sephora markets and their dot-com websites in 2022. Evereden sells through travel retail channels, but the majority of its sales are direct-to-consumer e-commerce, according to Kimberley Ho, co-founder and CEO for Evereden. Evereden expects to earn approximately $60 million in the next 12 months, and achieved profitability in 2020, she said.
“Evereden has created a category in the skin-care space by pairing innovation inspired by luxury beauty for families everywhere,” said Richard Lim, co-founder and managing director of GSR Ventures. “We were impressed by the research and development expertise of the brand and their ability to capture growth in very different international markets in a short amount of time. We think they can replicate this success in other high growth markets, especially as we believe that premium, clean skin-care and the multi-generational market will continue to outpace other beauty categories globally in the next few years.”
Ho said Evereden is trying to stake a claim on the multi-generational skin-care category, a nascent segment that is slowly but surely gaining traction. After debuting with baby care and pregnancy skin care, the brand launched a kid’s skin-care and hair-care line in June for children ages 3-10. Sales of the line already comprise nearly 20% of the company’s total revenue. Other brands are beginning to see the same opportunities. Maternity brand Hatch expanded outside of its best-selling belly oil to add masks, scrubs and lotions, among other products, in 2021. However, it does not appear to offer baby or children’s skin care. For its part, family brand Pipette pivoted in August from a premium brand to a mass brand by lowering its prices and expanding to Target, RiteAid and Walgreens.
“Why we’ve grown [as quickly as we have] is because we have specialized products for each demographic in the family,” said Ho. “Evereden is about bringing the innovation and thoughtfulness that you’ve seen in women’s skin care and beauty, especially in the luxury space, and bringing it into family skin care.”
Evereden’s rapid international expansion is not only the natural trajectory for the brand, based on its growth, but it’s also a strategy to get ahead in the multi-generational category. Ho said customers initially discovered the brand via word-of-mouth, but now, discovery is through online paid ads and marketing. Still, an omnichannel offline appearance in retail stores will anchor its brand awareness strategy for the next 12-24 months. The same could also be said for retailers like Sephora, with its retailing of Evereden in 20 markets. Marisa Caruso, senior director of skin care and hair merchandising at Sephora Canada, said that Evereden “fills an important gap” in the retailer’s assortment that allows it to address customer needs from “motherhood and beyond.”
“We’re excited about this partnership because they see potential in this category. They want Evereden to be that anchor brand as [they] push [into the category] themselves,” said Ho.