SAN DIEGO, United States — Premium coconut brand Kopari Beauty has closed a $20 million funding round which will be used to bolster product innovation and drive international expansion.
Partners including L Catterton and Unilever Ventures, which previously invested in Kopari in January 2017, participated in the round. Their continued investment demonstrates the growth opportunity that experts see as existing within both the coconut oil and natural beauty categories.
“In just a little over two years since our initial investment, Kopari has experienced tremendous growth and demonstrated both strong new product development and potential for global expansion,” explained Michael J. Farello, Managing Partner of L Catterton Growth Fund.
“We are confident in Kopari’s ability to maintain its position as a leader of the growing natural beauty and personal care categories and support the brand’s mission of providing its global fan base with natural products that fit every aspect of consumers’ beauty routines,” he added.
Launched in 2015 as a direct-to-consumer brand, Kopari which was founded by certified-organic chef Kiana Cabell, beauty experts and industry veterans Bryce and Gigi Goldman, and Suja Juice co-founder James Brennan has quickly risen up the ranks as a leader in the natural beauty segment.
Personal care has become the brand’s fastest-growing category, with deodorant a top-selling product. Today, its products are stocked in more than 1,800 brick-and-mortar stores across the US, Canada, Southeast Asia and Australia, in retailers including Sephora, Ulta, Nordstrom, Urban Outfitters, and Anthropologie. However, approximately 70% of the company’s sales still come from its own website.
According to Kopari since its initial investment, it has sharpened its focus on customer data, which has helped to grow its subscription program and boost product engagement. With its latest cash injection, it plans on doubling down on this strategy.
“We always want to respond quickly to what’s working. That’s what’s going to keep us ahead,” Megan Whitman, Kopari chief digital officer told Glossy.
“The goal is to give every consumer a custom experience on the site.”