Tech-beauty brand Julep bags USD30 million funding

By Staff Reporter

Apr 14, 2014 02:29 PM EDT

Julep, an Andreessen Horowitz-backed beauty platform, thinks that the beauty market is short of innovation. A report from TechCrunch said that Julep has taken in USD30 million to incorporate technology within the beauty industry.

Julep is a first technology beauty product brand with a goal towards crowd sourcing its product designs. Julep has partnered with IDEO to carry out a nail polish with handle made ergonomically which is a part of the company’s crowd sourcing ideas, reported TechCrunch.

The technology-first beauty brand has been in operation for seven years. TechCrunch said that the platform better fits with other tech-based lifestyle brands including Bauble Bar and Warby Parker.

According to Julep, the new funds would help the company to “continue its rapid pace of ecommerce innovation.” The tech-beauty brand also reported that it has gained strong growth after its ecommerce sales had gone three times higher last year. Meanwhile, the company is still competing with rivals including Ipsy and Birchbox.

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