Melbourne-based sunscreen company Ultra Violette has received a $15 million investment from US-based Aria Growth Partners, as the business looks to expand into the North American market.
It marks the first time the Ultra Violette has taken outside captial and comes ahead of the brand’s five-year anniversary. The sunscreen brand was first founded in 2019 by Rebecca Jefferd and Ava Chandler-Matthews. The pair hatched the idea while working together at Mecca Cosmetica.
Already, Ultra Violette’s success in Sephora Australia has seen it expand into 12 European markets. It’s also in New Zealand, Hong Kong and South-East Asia, Net-A-Porter globally as well as Space NK, Liberty and Harrods in the UK.
With this latest backing from Aria Growth Partners, the business has its sights set on North America. They expect to be stocked across Sephora Canada from March 2024 and are eager to jump into the US market in 2025.
“Strategically, [Aria] brings strong expertise in North America, which is very important to us,” Jefferd told the AFR. “This capital raise is not about the money, it’s about embracing the opportunity to expand into North America. We want the resources and knowledge to move into that market.”
Following the investment, Mathews and Jefferd will remain majority owners of Ultra Violette and continue to helm the business.
Aussie cosmetics on the rise
Australian cosmetic and beauty brands are having their moment. This partnership between Ultra Violette and Aria is only the latest backing in a string of high value investments.
Last year in April, L’Oréal acquired the Australian cosmetics brand Aesop for $2.5 billion, the largest ever acquisition for the French conglomerate.
Australian self-tanner and skincare brand Bondi Sands was acquired last year by Japan’s chemical and beauty giant Kao Corporation for an estimated $450 million.
And in July last year, Australian luxury tan brand, Loving Tan, received a notable investment from private equity firm Gauge Capital.