AWARD-WINNING BEAUTY COMPANY TLB RAISES $6.7 MILLION TO EXPAND INCLUSIVE BEAUTY BRANDS

TLB CEO Melissa Butler. PRNEWSFOTO/THE LIP BAR.
TLB CEO Melissa Butler. PRNEWSFOTO/THE LIP BAR.

AWARD-WINNING BEAUTY COMPANY TLB RAISES $6.7 MILLION TO EXPAND INCLUSIVE BEAUTY BRANDS

DETROIT, PRNewswire -- Award-winning beauty company The Lip Bar Inc. announced that it has raised an oversubscribed $6.7M fundraising round to further grow its house of brands including The Lip Bar, the 10-year-old innovative vegan,
cruelty free and non-toxic beauty brand, and thread beauty, the newly launched, bold, gender-neutral, Gen Z-focused, BIPOC beauty brand that is proving to be a breath of fresh air in the industry.

The round was led by Pendulum, an inclusive and strategic growth investing and advisory platform designed for founders and leaders of color.  The Fearless Fund and Endeavor also came into
the round, providing access to a robust international community through Endeavor and other women entrepreneurs.

After trialing and testing lipsticks in her kitchen due to her frustrations with the beauty industry’s lack of diversity, excessive chemicals and high price points, TLB CEO, Melissa Butler began developing her own formulations while working on Wall Street. Launched in 2012, The Lip Bar has become a pioneer in clean beauty and inclusion, proudly founded and owned by self-made Women of Color.

Butler has been on a mission to change the way people think
about beauty, believing that all beauty brands have the capacity to
represent all beauty lovers, while creating clean and exciting products. Since launching the brand, Butler’s take on business and beautyhas been praised by industry leaders, to whom she’s given a TED Talk in 2018 on the intersection of Beauty and Culture, INC Magazine naming her one of 100 Founders To Watch, and Essence naming her Beauty Boss of the Year in 2020, to name a few. Additionally, The Lip Bar has been awarded multiple industry awards including a 2020 Allure Best of Beauty Award and a 2021 POPSUGAR Beauty Award.

“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,” shared Butler. “Until recently, I had only raised $2M and with
that $2M, 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!”

With the US beauty and personal care market surpassing $85 Billion in retail sales in 2021, and the make-up category seeing a 12% increase in sales, the injection of capital will enable The Lip Bar to advance its product development nationwide and expand its retail footprint in the Detroit market by building a state-of-the-art store that truly allows for a beautiful and immersive beauty shopping experience. Furthermore, the funding will position
TLB for growth in both existing and new retail channels over the
next few years, as the brand continues to develop new and innovative products.

For more information, please visit www.thelipbar.com and
Instagram @thelipbar.

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