Setting the Record Straight

Why stage has never defined how we invest in beauty, health, and wellness

Nothing frustrates me more than seeing an investment announced and realizing we never even heard about the opportunity.

What frustrates me even more is learning why.

Too often, the explanation is the same. The founder did not think we invested that early.

That frustration is exactly why this post exists.

A Recent Moment That Reinforced the Point

We are about to close a seed investment right now. The only reason this opportunity exists is because we spent time with the team in person and they told us directly that they were raising capital.

At one point, I asked a very simple question.

Why were you not talking to us already?

The answer was honest and revealing.

They did not think we invested this early.

That moment reinforced two things.

• Being in the room still matters, real relationships get built in person

• We need to set the record straight, again, on what we actually do

This company is not an outlier. This misconception shows up repeatedly, and every time it does, it represents missed opportunity, for founders and for our investors.

What the Data Actually Shows

If there is any confusion about what we do and where we invest, the data tells the story far better than labels ever could.

When you look at how capital has actually been deployed across TBV Fund I and TBV Fund II, a very clear evolution emerges.

Fund I

• Investments spanned seed through Series C

• The plurality of capital was deployed at bridge to A and Series A

• Early checks created ownership, follow on investments increased conviction

Fund II

• Initial checks moved meaningfully earlier

• Seed and pre seed represent a much larger share of first checks

• Series A dollars will more often represent follow on investments into prior seed investments

• Series B dollars are concentrated follow on investments into Fund I winners, Crown Affair and Vacation

Fund II combines earlier entry points with larger ownership and more de risked follow on investments into businesses we know exceptionally well.

Stage is not our filter. Sector is.

Putting Real Names Behind the Strategy

One of the most persistent misconceptions about True Beauty Ventures is that we do not invest at the earliest stages. The reality is that we always have.

Pre launch and very early investments across our funds include:

Fund I

• Caliray and Cay Skin, pre launch

• Dieux and evolvetogether, very early in the brand lifecycle

Fund II

• Hung Vanngo, Wizard Wellness and Biologica, pre launch

• Sofie Pavitt, Norms and the Maker, very early in the brand lifecycle

Not every early investment is pre launch. What matters is proximity to formation, product market fit, and the ability to influence outcomes meaningfully.

This is not new behavior. It is simply more visible today.

Why Pre Launch Does Not Mean High Risk

Another important point often gets lost in the conversation.

Many of our pre launch investments launched commercially at inception with Sephora as a retail partner. That distinction matters.

Launching with Sephora from day one creates real revenue scale far earlier than a typical pre revenue brand launching without a distribution partner. Immediate distribution, consumer validation, and operational rigor materially change the risk profile.

Launching at inception with Sephora creates real revenue scale far earlier than a typical pre revenue brand, fundamentally changing the risk and return profile of a pre launch investment.

Getting involved earlier in these situations allows us to be more influential at one of the most important moments in a brand’s life, before foundational decisions are locked in.

Why Earlier Partnership Improves Long Term Outcomes

From our perspective, investing earlier allows us to do our best work.

• We can shape brand positioning before it calcifies

• We can influence distribution strategy before mistakes compound

• We can help founders navigate early scale with clarity and focus

The work looks similar whether a brand is pre seed, pre launch, or very early post launch. The difference is timing.

Earlier partnership leads to better long term outcomes.

Our Mandate Is Simple

We fully understand that our strategy is not straightforward and continues to evolve.

Our mandate, however, is very simple.

• If you are a beauty, health, or wellness brand, you meet our mandate

Stage is not the gate. Sector is.

We decide when to invest, at what stage, and how much to invest based on opportunity, conviction, and fit.

Looking Ahead, Including Incubation

As we continue to evolve, we are also exploring new ways to deploy capital. Brand incubation naturally comes up in those discussions.

I would not be surprised if Fund III includes some incubation activity.

From our perspective, this work is very similar to pre seed investing.

• Same hands on involvement

• Same operating support

• Same reliance on experience and judgment

We do not believe this changes the risk profile of the fund. We believe it can meaningfully increase the return profile.

The Bottom Line

This post is not about labels. It is about access and alignment.

If founders assume we do not invest early, we miss opportunities we should see. If we miss those opportunities, our investors miss potential returns.

We are sector specialists with deep domain expertise, pattern recognition, and an unmatched view into beauty, health, and wellness. Our responsibility is to exploit that advantage in every way that drives better outcomes for our LPs.

Setting the record straight is part of that work.

If you are building a beauty, health, or wellness brand and raising capital at any stage, talk to us early, the earlier the partnership, the better the long term outcome.