Three Ships Beauty – a Canadian-based effective, transparent, and natural skincare brand – today announces its raise of over $1M USD in funding round led by BDC Capital’s new Thrive Venture Fund.
As a result of its fundraising, the award-winning brand is expanding its continuously sold-out product line with the launch of the Superfruit Lactic + Multifruit 8% AHA Exfoliating Mask – a plant-powered mask that lifts away dead skin without causing irritation by using a combination of natural chemical and physical exfoliants – with more sustainable innovation, product development and retail expansion in the pipeline.
“We’re thrilled to be backed by investors that support our goal of providing our customers with the most efficacious, accessible skincare products,” said Connie Lo, co-founder of Three Ships Beauty. “With this funding, we are able to invest in even more sustainably- sourced and upcycled ingredients, team expansion, and greater clinical and scientific backing for our products that truly show the effectiveness of our natural clean beauty.”
“It is a big milestone in our startup career to be backed by such impressive investors,” said Laura Burget, co-founder of Three Ships Beauty. “To have this support means the world to us and we could not be more excited to continue to provide clean and efficacious skincare products to our community. Choosing sustainable practices in our company from ingredients to our final packaging can be expensive. Placing that cost in the company’s hands to create this accessibility for our consumers is one of our number one priorities and has been since the start of Three Ships. This funding allows us to continue to create this affordability for our community that wasn’t there for us growing up.”
Three Ships Beauty’s investors include:
- BDC Capital’s new Thrive Venture Fund for women
- Martin McCourt, former CEO of Dyson
- Tara Bosch, founder of SmartSweets
‘’We’ve been impressed by Three Ships Beauty’s rapid growth to date and are very excited to now be part of their journey,’’ said Michelle Scarborough, Managing Partner, Thrive Venture Fund. ‘’Fast growing e-commerce brand, recognized for their innovations in the natural and sustainable skincare space, they have already demonstrated high potential and impressive engagement from their customers across North America.’’
The initial idea for Three Ships began with two 23-year-olds tired of the unrealistic standards and prices of natural skincare products available on the market. With $4,000 in savings, Lo and Burget began hand-making products in an apartment kitchen, with the goal of making natural skincare affordable and accessible for everyone. However, they quickly realized that affordability is subjective and the bigger problem was the lack of effective natural products, so the two set out to disprove the myths around natural skincare and efficacy. Lo and Burget no longer believed that you needed to settle in the natural skincare space. By using science-backed, effective plant-based ingredients in all of the brand’s formulations, Three Ships boasts a repeat purchase rate that is double the beauty industry average.
Three Ships products are sold in hundreds of stores across North America including Whole Foods, Hudson’s Bay, The Detox Market, Credo Beauty, Indigo, and Holt Renfrew.
ABOUT THREE SHIPS BEAUTY
Founded by Connie Lo and Laura Burget, Three Ships Beauty has become an effective natural, sustainable, skincare brand focused on transparency, that is transforming the clean beauty space with products under $40 USD. From farm to shelf, each product includes science-backed plant-derived ingredients, no fillers or chemicals, and is housed in 100% recyclable packaging. Better for the planet and better for the skin, Three Ships promises to deliver uncomplicated skincare backed by natural ingredients and real science. Their impressive products and successful launches have led them to continuous product sell-outs, including their 5 x sell-out hero product, Dream Cream, and 7x sell-out best-seller, the Dew Drops Serum. Continuously choosing upcycled ingredients, innovative packaging, and a commitment to fulfill a circular economy, Three Ships has met the standard of sustainable and eco-friendly skincare every step of the way.
Connie and Laura are in the Forbes 30 Under 30 Class of 2022, winners of the EY Entrepreneur of the Year® in Ontario (2022), RBC Canadian Women Entrepreneurs of the Year (2021), and appeared on CBC’s hit show Dragons’ Den (Canada’s Shark Tank).
ABOUT BDC CAPITAL
BDC Capital is the investment arm of BDC, Canada’s Business Development Bank. With over $6 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.