KraveBeauty Launches $1 Million Fund, Press Reset Ventures, to Invest in the Next Generation of Sustainable & Inclusive Beauty
Entrepreneur Liah Yoo and the team at a direct-to-consumer beauty company, KraveBeauty, are disrupting industry norms with the launch of $1M venture studio, Press Reset Ventures. The goal of the fund is to invest in and mentor the next generation of sustainable innovations in beauty.
Press Reset Ventures is looking to leverage the success of Yoo and her team to empower a new class of entrepreneurs. With the venture capital industry pressuring founders to grow at all costs, Press Reset Ventures aims to be a long-term partner in ensuring intentional expansion with their portfolio companies. The venture studio seeks to support B2B and B2C start-ups that prioritize sustainable innovation in product design, and inclusivity within their core values.
The beauty industry has been defined by enormous inflows of capital funding, with the average hold period for beauty & personal care investments being 3–5 years versus 10–15 years for traditional venture capital investments. Indie beauty brands are pressured by their investors to expand their product lines beyond what customers need and ultimately be acquired by a larger conglomerate.
Beauty-influencer Liah Yoo started KraveBeauty in 2017 with the mission to press reset on how people view skincare. In a saturated beauty market, KraveBeauty is disrupting an industry that encourages overconsumption and obsessive marketing of products. Yoo funded the company with $50,000 of her own capital and grew the company 250% year-over-year. With only four products, the company challenges its customers to think more about their usage and its impact on themselves and the environment.
“Mindful growth and founder autonomy have been foundational to KraveBeauty’s success”, said Yoo, “I’ve seen many peer founders devote efforts to please investors rather than serving their key stakeholders — customers, employees, and the environment. Press Reset Ventures strives to reimagine what a successful exit looks like that benefits the stakeholders rather than shareholders.”
About Press Reset Ventures
Press Reset Ventures, a venture capital fund, and a studio that invests in early-stage beauty companies paving the way for sustainable innovation and inclusivity. Its mission is to humanize the VC and the beauty industry and help businesses grow sustainably operating on stakeholder capitalism.