|[February 21, 2013]
Living Proof Secures $30 Million to Accelerate Market Expansion, Support New Growth Areas
CAMBRIDGE, Mass. --(Business Wire)--
Living Proof, the award-winning, technology-based beauty company, today
announced the closing of a $30 million financing that will accelerate
market expansion of its award winning hair care products, and support
the development and commercialization of additional beauty technologies.
The financing was supported by new institutional investors including
Leerink Swann, and joined by existing investor and company founder
Polaris Partners, as well as the Pohlad (News - Alert) Family Capital Fund.
Living Proof has launched its first national marketing campaign with co-owner and hair care spokesperson Jennifer Aniston. (Photo: Business Wire)
"We are extremely well-positioned for the next phase of our rapid
growth," said Living Proof CEO Jill Beraud. "The company is expanding
market presence with existing, highly-innovative products, and preparing
for the commercialization of new beauty technologies. Living Proof is
well on its way toward the goal of becoming one of the most admired and
trusted consumer products companies."
Living Proof recently launched its first national marketing campaign
with actress and entrepreneur Jennifer Aniston, a company co-owner and
hair product spokesperson. The campaign, shot by Mario Sorrenti and
created by Badger & Winters, promotes the power of Living Proof science
to make every day a good hair day. The campaign began appearing in major
fashion, beauty and lifestyle publications this week.
Living Proof co-founder and board chairman Jon Flint, who is also
co-founder and general partner at Polaris Partners, stated, "In addition
to accelerating market penetration, this major financing will give us
the fuel we need to continue our origial vision: bringing together some
of the most brilliant scientists in medicine to create proprietary
beauty products that truly work."
Living Proof hair care products can be found nationwide at top salons,
Sephora, Ulta, Nordstrom, QVC and at Livingproof.com. Internationally,
Living Proof products can be found at Space NK in the United Kingdom and
Mecca in Australia and New Zealand.
About Living Proof
Living Proof was founded by Jon Flint and Amir Nashat of Polaris
Partners and Dr. Robert Langer, Institute Professor of MIT (News - Alert), who earlier
this month was awarded the 2013 Presidential Medal of Technology and
Innovation by President Obama. As the founding scientist of Living
Proof, Dr. Langer analyzed existing beauty products to discover an
industry reliant upon outdated technologies and similar ingredients that
only yield insufficient results. By using technologies from outside the
beauty industry, originating from MIT, Dr. Langer and the Living proof
scientific team were able to disrupt the status quo of the beauty
industry and deliver high-performance, truly innovative solutions such
as No Frizz, the biggest breakthrough in anti-frizz technology in 30
years. Since then, the combination of beauty and brains has been a
winning formula: Living Proof has garnered over 34 awards, thirteen
utility patents and, most recently, added Jennifer Aniston as a co-owner
and hair care spokesperson, visit www.livingproof.com.
About Leerink Swann
Leerink Swann LLC acted as exclusive placement agent for this
Founded in 1995, Leerink Swann is recognized as a leading healthcare
investment bank, whose deep domain knowledge provides its clients with
unique insights and perspectives that enable them to make well-informed
business and investment decisions. Leerink Swann offers investment
banking, merger and acquisition services, institutional sales and
trading, equity research, and consulting services to its clients.
Leerink Swann is a member of FINRA/SIPC. For more information, visit www.leerink.com.
About Polaris Partners
We are multistage investors with proven experience in the Technology,
Healthcare and Consumer sectors. Our partnership invests across all
company lifecycle stages, and the firm is the lead or co-lead investor
in virtually all of our portfolio companies. Many of our companies have
achieved great success. In 2012 alone, ten of our companies realized
important partnership acquisitions, including deCODE Genetics (acquired
by Amgen); DigiCert (acquired by TA Associates); Avila Therapeutics
(acquired by Celegene); Ascend Health Corporation (acquired by Universal
Health Services); and Mark Monitor (acquired by Thomson Reuters (News - Alert)). Our
current portfolio includes notable companies such as Adimab, AeroShot,
Art.com, Athletes Performance, Cerulean, Confluence, Focus Financial,
Imprivata, JibJab, LegalZoom, ShoeDazzle, Vets First Choice, and
WikiCell Designs. For more information on the firm, its mission and its
portfolio companies visit www.polarispartners.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20130221005385/en/
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