Next BigFuture – The Beautycounter Network Marketing company, founded by former New York Yankees pitcher Luis Severino, is in the final stages of raising $1.3 billion in a Series A round.
The $1 billion valuation is the largest ever for a startup.
The company, which sells beauty products to men and women across the U.S., has raised $1 million from investors including Founders Fund, Sequoia Capital, TPG Capital and other partners.
Severino, who pitched for the Yankees for two seasons before being traded to the Yankees in 2017, was also an early investor in BeautyCounter, which has more than 2,000 employees.
BeautyCounter is the third company in the BeautyCounter ecosystem to launch a Series B round and the third startup to go public in the beauty space.
The company has a $300 million valuation and aims to grow to $1,000 million in revenue by 2019.
According to a recent article on the company’s website, BeautyCounter has more customers than it has employees and has about 1,000,000 Instagram followers.
Brent Zwiebel is the founder of the company and is the co-founder and CEO of BeautyCounter.
“We are thrilled to be raising this additional funding,” Zwiegle said in a statement.
In a blog post, the company said that it is expanding its marketing team and adding “leadership, marketing and customer care to our team.”
The BeautyCounter team will include senior brand managers, marketing executives, salespeople and account executives, according to the post. For more: The beauty market is expected to grow from $2.7 trillion to $3.3 trillion in 2019.