Kopari Beauty is eying international expansion and digital growth after securing $20 million in funding this week from the Growth Fund of L Catterton, Unilever Ventures and University Growth Fund.
“We will continue to fuel the business supporting both existing and new channel expansion domestically and abroad,” said Jeremy Lowenstein, CMO, Kopari. He also noted that the new capital will be allocated to e-commerce improvements for UX/UI and the brand’s subscription platform. “As it relates to e-commerce, we strive to remain best-in-class and to create meaningful, differentiated and personalized shopping experiences and programs that are unique to Kopari’s owned direct-to-consumer channel.”
Kopari will also use the funding to enhance product research and development around its hero ingredient, coconut oil, to expand the brand’s offerings, which includes 26 award-winning products across five product lines. The brand most recently expanded into the sexual wellness category in June, with the launch of its Love Melt Coconut Oil Lubricant.
“Personal care is the fastest-growing category for Kopari. When we launched Love Melt, 83% of customers who placed orders on Kopari’s website opted-in to receive a free sample, which quickly resulted in more than 100 ratings and review,” said Jeremy. “While we are getting an overwhelmingly positive response to the product from consumers, we have faced challenges around restrictions in paid advertising and media. Nevertheless, it has inspired us to get creative and use a grassroots marketing approach to get the word out.”
In August, Kopari will be releasing a new product, Coconut Melt Wipes, which are multitasking wipes for the face and body designed to be used as a body moisturizer, makeup remover, belly balm, baby balm or hand moisturizer. Additional, bigger category launches are slated for the first quarter of 2020.
Since its launch in 2015, the coconut oil-powered brand has grown rapidly and is now available across the U.S., Canada, Southeast Asia and Australia in more than 1,800 brick-and-mortar stores including Sephora, Ulta Beauty, Nordstrom and Bloomingdale’s. The company’s net revenue for 2018 is estimated at $15 million, according to industry sources.