Ursa Major, a Vermont-based skincare brand, has raised $5m through a financing round, which was led by Fenwick Brands, a private equity fund focused on offering capital and strategic guidance to emerging brands.
Other investors that took part in the financing round include Finn Capital Partners and several family offices with presence in the personal care market.
Set up by Emily Doyle and Oliver Sweatman in 2010, Ursa Major offers clean skincare products that are intended to be “low maintenance, but highly rewarding.”
The firm has seen its average annual revenue grow by more than 60% year-over-year for each year in the last five years.
The brand’s products feature natural skincare essentials. Currently, it has 18 products in its range under skincare category.
These products include Golden Hour Recovery Cream, Fortifying Face Balm, Brighten Up Vitamin C Serum, Fantastic Face Wash and 4-in-1 Essential Face Wipes, as well as its Hoppin’ Fresh Deodorant and Go Easy Shampoo and Conditioner.
Besides its website and store on Amazon, Ursa Major’s products are available at specialty retailers including Follain, Goop, Credo, REI, Free People and Heyday.
Its products are also available at boutique fitness studios and hotels such as Y7 Yoga, Equinox Precision Run, Autocamp, Tourists Hotel and South Congress Hotel.
Ursa Major CEO Sweatman said: “Our business was at the point where it needed an injection of mission-aligned capital to support our ambitious growth plans.”
Ursa Major president Doyle said: “The financing will allow us to fill key talent gaps and invest further in product innovation, while carefully ramping up marketing and sales. We met with many sharp and talented investor groups and ultimately chose Fenwick because of their experience, smarts, down-to-earth approach and commitment to our brand vision. We look forward to working closely with their team as we gear up to take the business to the next level.”
Recently, the firm completed a brand refresh with Brooklyn-based branding agency Red Antler. Its products will be rolled out this fall.
Sweatman said: “While the brand fundamentals have remained intact, we believe that the refreshed identity and honed messaging – coupled with the recent financing – will help us accelerate awareness and trial with our target consumer, who we refer to as the ‘everyday explorer’: adventurous, health-conscious individuals who want a go-to, fuss-free source for stellar natural face and body care from a brand they can really get behind.”
Fenwick Brands director of investments Elizabeth Stewart said: “We were drawn to Ursa Major because of the Company’s clean product assortment, its highly-differentiated, authentic lifestyle brand, its loyal customers and its passionate founder team.
“So much of what Oliver and Emily are doing is relevant for today’s consumer. We are thrilled to be a part of the Ursa Major family and look forward to helping the Company reach more people with its positive, empowering message and its clean face and body care essentials. We believe Ursa Major is positioned for long-term, sustained growth and true challenger brand status.”
