Ipsy, a cosmetics-subscription service with $150 million in annual sales, raised $100 million in a second round of funding led by TPG and Sherpa Ventures.
The deal values the startup at more than $500 million, said a person with knowledge of the matter, who asked not to be identified as the valuation isn’t public.
Ipsy will use the money to expand abroad, step up marketing efforts and invest in products. Total financing to date is about $103 million.
Ipsy sells a $10 monthly subscription online for a “Glam Bag,” an assortment of makeup and beauty products such as mascara, eyeliner and foundation. Customers can tailor their selections and get discounts for buying additional goods, and watch product tutorials produced by Ipsy.
Ipsy was co-founded by Michelle Phan, a social-media celebrity, and Chief Executive Officer Marcelo Camberos, an early employee at Funny-or-Die, a popular humor website.
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