Michelle Phan’s beauty startup just raised $100 million in funding

Michelle Phan’s Ipsy has raised $100 million in funding to invest in its beauty creator community. The Santa Monica e-commerce company, which sells $10 monthly subscriptions to Glam Bags featuring the latest beauty products, has raised the money from Bay Area venture capital firms TPG Growth and Sherpa Capital. In July, Ipsy launched a new program called the Ipsy Open Studios, which gave access to its professional studio space to its network of up-and-coming content creators. Those creators can shoot videos for their own YouTube channels in the space and can also be asked to create content to promote Ipsy’s Glam Bags. Phan explained that the new funding will go toward growing that community. “Ipsy’s goal has always been to create a community that inspires women around the world to express their own unique beauty,” she said. “This investment is key to our continued commitment to the next generation of storytellers and creators everywhere — it’s going to be a beautiful future.”