Veracity Selfcare, Which Uses An At-Home Saliva Test To Guide Skincare Purchases, Secures $5M In Seed Funding
Personalization and hormone health are two of the hottest trends in beauty and wellness. Veracity Selfcare harnesses the power of both, and investors have taken notice. The 3-month-old “whole health” personal care brand, which uses an at-home saliva test to understand the root causes of its customers’ skin conditions, has secured $5 million in seed financing led by Global Founders Capital.
Other investors participating in this round include L Catterton, Meridian Street Capital, Great Oaks, FAB Ventures, and Silas Capital. The latest raise is on top of $900,000 in pre-seed funding the company raised in 2020 and founder Allie Egan’s investment of $30,000. Industry executives and founders involved in the round include Natalist founder Halle Tecco, Away founder Steph Korey, and Carly Stockdale, CEO and co-founder of Cenegenics.
Briogeo founder Nancy Twine has participated in Veracity’s two rounds as an angel investor. “So much of what you see on the outside manifests from what’s happening on the inside,” she says. “Veracity has the potential to disrupt customized skincare with insightful wellness and health knowledge that drives bespoke skincare solutions rooted in clean and efficacious ingredients.”
Egan left her position as CEO of women’s fashion brand Cynthia Rowley soon after the pandemic hit to launch Veracity. She’d been mulling over the idea for the brand since 2017, when stubborn skin issues led to a Hashimoto’s disease diagnosis and sparked Egan’s epiphany that issues manifesting externally can be signs of deeper health problems. Veracity debuted its $149 at-home Skin + Health hormone spit test in February. In June, it premiered six skincare products such as the concentrates Brightening Support, Inflammation Response and Hydration Balance priced from $55 to $85.
While she didn’t share Veracity’s sales figures, Egan says she’s been overwhelmed by the response to the brand and its mission from the press, influencers and consumers. “There’s been a big recognition that hormonal health and this whole health approach to skincare that we’re taking is new and different and needed,” she remarks. “It’s not just a trend, it’s a need. So many people are really interested in getting to understand what’s going on in their body, and how that’s driving their skin and broader health.”
In its initial months on the market, Veracity’s customer base has begun to take shape. It encompasses a wide swath of women from 18 year olds in the throes of hormonal acne up to post-menopausal women in their 70s who are feeling the effects of a lack of estrogen and progesterone that impacts skin in numerous ways. Veracity’s core customers, though, are women in their 30s and 40s. Egan says, “I very much did not want to build a vertical platform around pregnancy or menopause or whatever because it’s not about this one specific hormonal imbalance.”
“Veracity is leading a movement to transform how women engage, discuss and understand beauty through the lens of their personal hormonal journey.”
The proceeds from the seed raise will go toward product development, including the development of targeted facial skincare solutions to tackle skincare concerns like dark circles and inflammation. Veracity is slated to expand beyond facial skincare by early 2022. The expansion could include ingestible products and others designed to support health. Veracity’s product development process takes significant investments of time and money because it custom develops formulas with medical experts. The brand’s investors appreciate its approach.
“Veracity is leading a movement to transform how women engage, discuss and understand beauty through the lens of their personal hormonal journey,” says Sarra Zayani, partner at Global Founders Capital. “We’re excited to see Veracity’s data-driven and horizontal approach pave the way in empowering consumers to uncover the truth and make informed decisions for their skin and overall health.”