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    True Beauty Ventures Invests in Jupiter

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    True Beauty Ventures has added another business to its portfolio.

    The fund has taken a minority stake in Jupiter, the scalp care brand founded by Robbie Salter and Ross Goodhart. Financial terms of the deal were not disclosed, though Melitas Ventures also participated in the round, as did existing investors Willow Growth Partners, Springdale and SWAT Equity Partners.

    Salter and Goodhart recently took the brand, which debuted in the prestige channel online and at retail in Bergdorf Goodman, into Target Corp. It was a move to better capitalize on Jupiter’s core value proposition, which is focused on dandruff.

    “When people have problems, they need solutions,” Salter said. “We’re big believers that Target is the right home for us at this stage in our evolution. Early signs are strong, but our goal here is to go big.”

    The brand’s products boast high retention rates, Goodhart said, and is going to be casting a wider net in terms of marketing as well as distribution. “We’ve really effectively taken the bottom and lower-middle funnel approach to customer acquisition,” he said. “With this capital, we’re able to build brand awareness now that we’ve established product market fit. Target, beyond it being a sales channel, is also a marketing channel.”

    The products sit on the upper end of the price bracket for the mass market — its medicated shampoo, for example, retails for $25 — which Salter attributed to the formula.

    “This isn’t just for the Bergdorf Goodman customer anymore. We wanted to make this product as accessible as physically possible while still maintaining the quality of the ingredients,” he said. “We’re never going to be as inexpensive as some of the other brands that are out there because higher quality ingredients cost money. But we want to bring this to the masses, and we’ve lowered our prices considerably.”

    On the True Beauty Ventures side — the firm was an early backer of K18 and currently counts Crown Affair in its portfolio — the brand’s problem-solution ethos resonated.

    “One of the benefits of beauty is that it’s a very emotional category, and when you think about the stigma around dandruff, it’s a real stigma,” said Cristina Nuñez, the firm’s cofounder. “You can display this product very prominently in your shower.”

    Added Rich Gersten, True Beauty Ventures’ cofounder, “When we heard the strategy and positioning of how it would be on shelves relative to its competitors, it made logical sense for us. You see disruption in these legacy categories in the mass and drug channel, and for us, that was the definitive reason to move forward.”

    The investment will go toward building out the proper team to support the retail expansion, as well as broader marketing initiatives.

    “They’ve been born digitally as direct-to-consumer and on Amazon, and they’re entering a new channel of distribution,” Gersten continued. “When you look at the value creation potential that the launch of Target has, you better resource it with people who understand how to be successful in that channel.”



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