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ipsy Revenue, Valuation, Funding & Investors
ipsy is valued at $800M as of September 2015, a 5.3x multiple on its last reported $150M revenue.
Last ipsy valuation
$800M
Series B · Sep 2015
Last ipsy funding round
$134M
Undisclosed stage · Dec 2020
ipsy revenue
$150M
Series B · Sep 2015
Key investors in ipsy
TPG
ACME Capital
Shervin Pishevar
Omega Venture Partners
About ipsy
ipsy is a beauty subscription service that delivers personalized makeup and skincare samples chosen through user quizzes and AI-driven recommendations, working closely with beauty influencers for product discovery and promotion. Founded in 2011 by Michelle Phan, the company built its business around a large subscriber community and hosted events such as Generation Beauty to connect influencers with fans. In 2020, ipsy acquired rival subscription service BoxyCharm to form Beauty For All Industries, combining the two beauty-sampling businesses while keeping the BoxyCharm brand running independently.
Founded
2011
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Revenue
$150M (Sep 2015)
Valuation
$800M (Sep 2015)
ipsy Valuation
ipsy is currently valued at $800M, based on its Series B in September 2015.
The $100M round was led by ACME Capital and TPG, with participation from Omega Venture Partners and Shervin Pishevar.
ipsy valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2015 | Series B | $800M | 5.3x |
ipsy Revenue
ipsy's latest recorded revenue is $150M, as of its Series B in September 2015. At a $800M valuation, that implies a 5.3x revenue multiple.
ipsy revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2015 | $150M | $800M | 5.3x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
ipsy Funding History
ipsy has raised a total of $234M across 2 funding rounds.
ipsy's first fundraising round was a $100M Series B in September 2015. The most recent completed round was a $134M undisclosed-stage round in December 2020.
ipsy funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2020 | Undisclosed stage | - | $134M | - | - |
| Sep 2015 | Series B | ACME Capital (lead); TPG (lead); Omega Venture Partners; Shervin Pishevar | $100M | $800M | IPSY is a beauty subscription service that delivers personalized makeup bags based on user quizzes and AI recommendations, partnering with influencers for promotion. In September 2015, IPSY raised a $100 million Series B round led by ACME Capital and TPG, with participation from Omega Venture Partners and Shervin Pishevar, valuing the company at $800 million post-money. Investors included ACME Capital, TPG Growth, and others like Sherpa Capital. The round came as IPSY expanded operations, launching IPSY Open Studios in Los Angeles for influencer content creation and hosting Generation Beauty events to connect influencers with fans. This funding supported scaling the recommendation engine and personalization features. Post-2015, IPSY continued raising capital, including a 2020 Series C of $133.98 million from ACME Capital and TPG, and an unattributed round. In 2020, IPSY acquired rival BoxyCharm for $500 million, forming BFA Industries with over $1 billion in combined 2020 revenue, though run independently. BFA later raised $96 million from TPG Growth for tech and retail expansion, including Sephora presence and new DTC brands. |
Who has invested in ipsy?
4 investors have backed ipsy across its funding rounds, including TPG, ACME Capital, Shervin Pishevar and Omega Venture Partners.
Lead investors include ACME Capital and TPG.
ipsy Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Sep 2015 | ||
| 1 | Lead | Sep 2015 | ||
This data is available for Pro users. Sign up to see all 4 ipsy investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by ipsy
ipsy has acquired 1 company to date.
Last acquisition by ipsy was on October 31st 2020. ipsy acquired Boxy Charm for $500M.
Latest Acquisitions by ipsy
| Description | BoxyCharm is a subscription-based beauty box service that delivers monthly curated selections of full-size products from brands such as Morphe, Too Faced, and Milk Makeup. Operating through an online platform, the company connects subscribers with samples and items from established and emerging beauty labels while offering brands targeted marketing exposure. Headquartered in Phoenix, Arizona, BoxyCharm also provides add-on sales and customization options like the BoxyCharm Luxe tier for premium selections. |
| HQ Country | |
| HQ City | Fort Lauderdale, FL |
| Deal Date | 31 Oct 2020 |
| Valuation | $500M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all ipsy acquisitions and their M&A valuation multiples. Start Free Trial | |
ipsy Competitors
ipsy competitors include listed companies like Betterware de Mexico, Apotea and CEWE Group, and private ones like KKW Beauty, Healthkart and tradeinn.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $100M | - | $1B | 10.0x | ||
| Publicly listed | $829M | $152M | $595M | 1.1x | ||
| Private | $119M | - | $500M | 4.2x | ||
| Publicly listed | $735M | $47M | $809M | 1.0x | ||
| Private | $637M | - | $767M | 1.2x | ||
| Publicly listed | $1B | $160M | $835M | 0.9x |
ipsy Public Comps
ipsy is still privately-owned, but its public comps include QVC Group, Safilo Group, Apotea, Synsam, CEWE Group, Bxn Holding, almeera, Menicon, Boozt and Brainbees Solutions.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $11B | $1.9B | 0.5x | - | 2.8x | - | |||
| $1.1B | $126M | 0.7x | 0.7x | 6.3x | 6.0x | |||
| $735M | $47M | 1.1x | 1.0x | 17.6x | 14.3x | |||
| $734M | $130M | 1.5x | 1.4x | 8.3x | 5.8x | |||
| $1B | $160M | 0.8x | 0.9x | 5.3x | 5.3x | |||
| $771M | $100M | 0.8x | 0.8x | 6.4x | 6.0x | |||
| $799M | $83M | 1.2x | 1.1x | 11.3x | 11.5x | |||
| $807M | $131M | 1.4x | 1.4x | 8.8x | 8.3x | |||
This data is available for Pro users. Sign up to see all ipsy competitors and their valuation data. Start Free Trial | ||||||||
Common questions about ipsy
| When was ipsy founded? | ipsy was founded in 2011. |
| Where is ipsy headquartered? | ipsy is headquartered in San Francisco, CA, United States. |
| Is ipsy publicly listed? | No, ipsy is a private, VC-backed company. |
| What is ipsy's valuation? | ipsy was last valued at $800M in its Series B in September 2015. |
| How much funding has ipsy raised? | ipsy has raised $234M across 2 funding rounds. |
| What was ipsy's last funding round? | ipsy's last funding round was a $134M undisclosed-stage round in December 2020. |
| Who are ipsy's investors? | ipsy's investors include Omega Venture Partners, ACME Capital, Shervin Pishevar and TPG. |
| What is ipsy's revenue? | ipsy's latest recorded revenue is $150M (September 2015). |
| What is ipsy's revenue multiple? | ipsy's latest valuation implies a 5.3x revenue multiple ($800M valuation on $150M of revenue). |
| Which companies are comparable to ipsy? | Companies comparable to ipsy include KKW Beauty, Betterware de Mexico, Healthkart, Apotea, tradeinn and CEWE Group. |
| How many companies has ipsy acquired? | ipsy has acquired 1 company, including Boxy Charm. |
| What was the largest acquisition by ipsy? | The $500M acquisition of Boxy Charm in October 2020 is the largest acquisition ipsy has made to date. |
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