British Beauty Council secures investment to ‘support extraordinary & diverse beauty founders’

The British Beauty Council has collaborated with Venrex, a London and New York-based venture capital firm to support ‘extraordinary and diverse beauty founders with exceptional drive, vision and ambition’ via the Venrex BBCo I fund.

A non-profit organisation, British Beauty Council is dedicated to promoting growth within the British beauty economy, which will contribute a projected £28.1bn to UK GDP by the end of 2024*. By working with Venrex, the Council hopes to support ambitious industry founders.

Millie Kendall OBE

“The beauty industry is unique in the fact that it sits at the intersection of creativity, innovation and commerce,” comments Millie Kendall OBE, CEO of the British Beauty Council. “By combining Venrex’s unmatched expertise of the funding environment, with the Council’s industry insight, I am confident that we will support businesses from across the wellness and personal care sector that are pushing industry boundaries when it comes to formulations, environmental impact, and entrepreneurship.”

The Venrex BBCo I fund ‘has the potential to seek out the next problem-solving cosmetic product, the supply chain time-saver, or planet-friendly packaging solution of the future’. Initial investment will be focused on founders building high-growth potential businesses backed by unique drive, vision and ambition.

Josie Buck, principal of Venrex Investment Management, adds: “British beauty is known globally for its creativity and wealth of start-up businesses. We are excited to collaborate with the British Beauty Council on this fund, to support what we hope can be some of the UK’s highest growth beauty-related businesses.

“Our experience as investors in businesses, such as Charlotte Tilbury, Lisa Eldridge, VIEVE, Get The Gloss and Frog Stack, have shown us that the UK creative sectors and their entrepreneurs are world class. While not all beauty businesses will suit venture capital’s high growth business models, we feel this fund can complement the already significant leadership role that the British Beauty Council plays in a hugely impactful UK industry.”

By launching the fund, the Council also hopes to ensure avenues to funding are open and inclusive.

‘Venrex BBCo I will enable a vibrant business ecosystem within an industry that sits at the intersection of creativity and commerce, while supporting sustainability and future-proofing of the sector.’

Founders already linked to the British Beauty Council, and those existing outside of its network will be able to apply for the fund.

* Value of Beauty Report, British Beauty Council (2023)

For more information, visit www.britishbeautycouncil.com