Men's make-up brand War Paint gets new funding
Men’s make-up brand War Paint is planning further expansion after securing a £1 million+ investment package. The company, which isn’t connected to make-up manufacturer Warpaint London, said retail and consumer segment investment firm True led the latest funding round, with Redrice Ventures and other angel investors also involved.
War Paint For Men has made a major impact in recent periods and saw its distribution extended after a successful trial period in the menswear department of John Lewis on Oxford Street.
The company was only launched in 2018, with founder Danny Gray saying being bullied over his acne in his teens led him to borrow his sister’s make-up and come to the conclusion that men would buy products specifically targeted at them. So far he has sold more than 50,000 units globally.
As mentioned, a January test at the John Lewis London flagship saw a strong customer response with demand over 50% higher than expected. This led to a deal to sell the products in the retailer’s webstore.
As reported in Bdaily News, in response to the new funding, Gray and CEO Matt Lumb said: “We’re both absolutely delighted to have partnered with such an established and reputable investment firm as True. Along with the investment itself, we believe their wealth of experience and their broad network will catapult War Paint to the next level as we strive to be the global leader in the men’s make-up space.”
They also highlighted the belief that the new investors have in the brand given that the funding was achieved in the middle of a pandemic when much business activity has ground to a halt.
True’s Claire Cherry said the company’s seed fund “looks to invest in disruptive businesses that are at the forefront of the consumer behavioural shift… we are delighted to be partnering with War Paint for their next stage of rapid growth. The business is ideally positioned to drive growth in the men’s make-up market due to its customer-centric and relatable brand positioning, digital-first business model and high-quality product range.”
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