D2C skincare brand Foxtale announced the raise of $4 million in its pre-Series A funding round. The funding round was led by Matrix Partners India and saw participation from existing investor Kae Capital along with some notable angel investors.
The startup launched its online D2C platform in December 2021 after raising seed funding in August, 2021. Foxtale was founded in 2020 by Romita Mazumdar and focuses on innovations in formulations and unique ingredient sourcing process to solve skincare problems of women. They claim to have a repeat rate of more than 50 per cent which helped the company to secure a quick pre-Series A round.
The funding acquired will be used to expand the company’s product range, make hiring at senior vertical heads and scale the business across multiple touchpoints.
Foxtale has entered the skincare D2C market at a time when it is in an expansion mode. In 2022, two brands operating in this market space, Mamaearth and Purplle, turned unicorns this year. The overall market is expected to reach a valuation of $28 billion by 2025.
Commenting on their decision to invest in the brand, Rajat Agarwal, managing director, Matrix India, said, “We are privileged to partner with Romita and the Foxtale team as they aim to disrupt this market through innovative products and differentiated go-to-market strategies. At Matrix, we continue to be excited about backing new-age consumer brands and Foxtale is our tenth investment in the sector”
Speaking about the funding, Mazumdar, Founder & CEO, Foxtale, said, “Our vision is one: to build a consumer-first brand where growth and product have equal importance. I want to change the perception that self-care should be a luxury restricted to women who have the privilege of time and money while proving that a profitable business can be built with consumers at the centre of the story”
