Makeover Solutions Inc., a New York-based provider of online beauty communities for women, has raised $7 million in first-round funding. Backers include Village Ventures Fund,
PRESS RELEASE
Makeover Solutions, Inc., a New York-based company dedicated to powering online beauty communities for women, today announced it has secured $7.0 million in a financing led by Village Ventures Fund,
Makeover Solutions, Inc., formerly Approach Infinity Media Corporation (Ai-Media), a Toronto-based business, has spent the past several years focused on building 'best in class' technology that permits women to “try on” hair styles, cosmetics and accessories in virtual, online makeover sessions. In addition to its flagship website, www.makeoversolutions.com , the company has built long-standing relationships with major publishers and cosmetic brands to establish themselves as leaders in color simulation technology.
“We have taken great care to design unique try-on technology that can serve the beauty industry, as well as deliver a compelling consumer brand. We wanted to find partners that would invest in building a premier vertical community and to take our business partnerships to the next level,” said Alvin Chan, CEO and President of Makeover Solutions. “We believe we have found the perfect investor group to help us get the job done.”
“We are pleased to be a part of the Makeover Solutions story, as they continue to build powerful technology, partner with leading brands and publishers, and grow an impressive base of customers who are clearly passionate about beauty,” said Bo Peabody, managing general partner, Village Ventures, an early-stage venture capital firm that invests in exceptional media, financial services, and health care companies. “Between the market need, the strength of Makeover Solutions' technology, the quality brand partnerships and the growing community of loyal customers, we think the company has great potential.”
“Makeover Solutions is the perfect marriage of marketing and technology that can lead innovation in the growing women's beauty category,” said Jeff Grammer, partner at
The proceeds of this equity financing will be used to support corporate development initiatives, including the acquisition of Approach Infinity Media Corporation, its customer base and technology. A key focus will be to expand the company's market presence and continue securing strategic partnerships to accelerate the growth of the business.
About Makeover Solutions
A marketing company focused on innovative use of technology to build highly targeted communities of women users interested in beauty and beauty care conversations. Whether powering its client sites or building its own direct to consumer communities, Makeover Solutions is committed to personalizing how women define beauty and interact with products online. For additional information, visit www.makeoversolutions.com .
About Village Ventures Fund
Village Ventures is an early-stage venture capital firm investing in exceptional entrepreneurs building technology and life sciences companies in emerging U.S. technology centers. Recognizing the potential of these markets, and with backing from leading global venture capital firms, Village Ventures has built a network of 13 Partner Funds (including Borealis Ventures) specifically focused on identifying the highest quality investment opportunities in these regions. For additional information, visit the website www.villageventures.com .
About Rho Investment Partners
Rho Canada, based in Montreal, is dedicated to backing leading, early-stage technology-based companies in Canada. Formed in 2006, Rho Canada is affiliated with Rho Ventures in the U.S. and leverages off Rho Ventures' 25+ years of experience in investing in venture-stage companies. www.rho.com .
About Borealis Ventures
Borealis Ventures is an early-stage venture capital firm focused on partnering hands-on with founders to build great companies in the sectors of application software, Internet services and mobile media, and technology commercialization. www.borealisventures.com .
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