It was a sunny day for Supergoop! on Monday with the announcement of a majority investment by Blackstone Growth into the SPF-focused skin care company with sales exceeding $50 million. Supergoop! was founded in 2007 by former teacher Holly Thaggard and has seen aggressive growth over the past five year since Amanda Baldwin came on board as President in 2016. Amanda was named CEO in January 2021; she and the Supergoop! team will remain intact. The investment will help fuel Supergoop!’s commitment to innovate in categories prime for SPF-backed formulas.
Holly recently said a defining moment in her business took place 10 years ago when the brand first launched in Sephora and the retailer offered her prime real estate, just for summer. “I knew I had to push back if I wanted people to wear sunscreen daily, so I did and ended up with only six inches of space, but for the entire year. Today, when I see walls filled with Supergoop! year-round, I realize what a pivotal point that was. It helped us change the SPF narrative,” Holly told CEW Beauty News in September 2021.
Ann Chung, Global Head of Consumer for Blackstone Growth (BXG), said of its decision to invest in Supergoop!, “By creating a new category in SPF-focused skincare, Holly is the kind of innovative founder who is inspiring mission-driven entrepreneurs globally. Supergoop!’s everyday products that look and feel great while providing meaningful protection from sun damage are changing the way people view sunscreen. We’re proud to support the continued expansion of this business and to welcome Holly, Amanda and their incredible management team into the Blackstone family.”
In the past two years Blackstone has invested in several female founded brands, including SPANX, the mission-driven womenswear brand founded by Sara Blakely; Bumble, the online dating app where women make the first move founded by Whitney Wolfe Herd, and Hello Sunshine, the mission-driven media company that puts women at the center of every story it creates, founded by Reese Witherspoon.