On Friday, sustainable skincare company KraveBeauty announced the launch of its $1 million fund and venture studio, Press Reset Ventures.
New York City-based KraveBeauty was founded in 2017 by Liah Yoo, an “OG YouTuber” who bootstrapped the startup with $50,000 of her own capital. Since launching, the company has grown 250 percent year-over-year, according to a release.
“Mindful growth and founder autonomy have been foundational to KraveBeauty’s success,” Yoo said in a LinkedIn post announcing the launch. “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.”
Through Press Reset Ventures, Yoo plans to invest in B2B and B2C startups that prioritize sustainable innovation in product design and inclusivity within their core values.
The naming of Press Reset Ventures derives directly from KraveBeauty’s slogan and company mission statement of “pressing reset” on complex beauty regimes by offering fewer products to simplify users’ skincare routines and ultimately have a better impact on the planet.
After all, over 120 billion units of packaging are produced globally every year by the cosmetics industry, contributing to the loss of 18 million acres of forest annually, according to Forbes. This is despite the fact that minimalistic beauty trends are on the rise with more brands focusing on customized formulas to prevent waste. This waste not only comes from consumers’ individually packaged products but from “formula testers, unsold or returned products and items that expire in warehouses or on store shelves,” according to Vogue Business.
Through its growing investment portfolio and studio, Press Reset Ventures is looking to change that narrative by investing in beauty startups that combat waste from the jump.
While it’s unclear if Press Reset Ventures will be hiring soon, KraveBeauty has three open positions on its site.
