Natural Skincare Brand, Three Ships Beauty, Raises C$3.5M to Accelerate US Expansion

Three Ships Beauty, a leading Canadian natural skincare brand known for its transparency, sustainability, and effectiveness, has successfully raised $3.5 million CAD in a financing round led by BDC Capital's Thrive Venture Fund, alongside strategic angel investors.

This significant funding will support Three Ships Beauty's mission to expand into the US market, bolster brand awareness, and strengthen its team with strategic hires.

About Three Ships Beauty

Founded by Connie Lo and Laura Burget, Three Ships Beauty has revolutionized the clean beauty space with its commitment to transparency and sustainability.

Each product is formulated using science-backed, plant-derived ingredients and is packaged in 100% recyclable materials.

The brand's hero products include the Skin Hero Bio-Retinol Serum and the Dew Drops Serum, both achieving multiple sell-outs.

By consistently choosing upcycled ingredients and innovative packaging, Three Ships Beauty is dedicated to leading the sustainable skincare movement.

Use of Funds

1. Expansion Plans: With the new funding, Three Ships Beauty aims to broaden its presence in the US market while increasing brand awareness through strategic marketing investments.
2. Strategic Hires: The brand will also use the financing to build a stronger team, focusing on key positions to drive both retail and e-commerce growth.
3. Leadership Statements:
   • Connie Lo, Co-Founder of Three Ships Beauty:
     "This funding from Thrive opens up incredible opportunities for us to reach more customers and raise awareness around our beloved products. With the right team in place, we're confident that there are no limits to what we can achieve together."
   • Laura Burget, Co-Founder of Three Ships Beauty:
     "We're deeply grateful for partners like Thrive who share our values and believe in our mission. This investment will help us make natural, effective skincare accessible to a wider audience."
   • Mona Minhas, Partner at Thrive Venture Fund:
     "It has been truly remarkable to witness Three Ships Beauty's impressive growth, expanding customer traction, and recognition in the North American market. The company's evolution to date, coupled with their steadfast commitment to improving transparency and sustainability in the skincare industry, fills us with anticipation for their next exciting phase of growth."

Three Ships Beauty's Achievements and Innovations

1. Market Penetration: In 2023, Three Ships expanded distribution to Whole Foods locations across North America and achieved a remarkable 65% increase in total revenue.
2. New Product Launches: The brand's most recent product, First Light Vitamin C + Caffeine Eye Cream, quickly became a bestseller, with one unit sold every 30 seconds on launch day.
3. Accolades and Recognition:
   • Listed in Forbes 30 Under 30 Class of 2022.
   • Awarded EY Entrepreneur of the Year® in Ontario (2022).
   • Won RBC Canadian Women Entrepreneurs of the Year (2021).
   • Featured on CBC's Dragons' Den, solidifying their position as pioneers in Canadian entrepreneurship.

Commitment to Sustainability

Three Ships Beauty is dedicated to sustainable beauty, with a comprehensive approach that prioritizes sourcing transparency, eco-friendly packaging, waste reduction, and innovative upcycled ingredients.

Sourcing Transparency

• Source Maps on Every Product Page: Every product page features a Source Map, offering a transparent journey of each ingredient from farm to shelf. This tool provides consumers with complete clarity regarding product sourcing.Explore Purify's Source Map

Sustainable Packaging

• Minimal Plastic Usage: Three Ships aims to shift to 100% reusable, recyclable, or compostable plastic packaging by 2025, aligning with the Canada Plastics Pact commitments.
• Glass Bottles: Most products are packaged in endlessly recyclable glass bottles to minimize waste.

Waste Reduction

• Pact Collective Partnership: As a member of Pact, Three Ships collects hard-to-recycle components like serum droppers and pumps. These materials are sorted, recycled, and sometimes sold back to packaging manufacturers to support a circular economy.

Carbon-Neutral Shipping

• Shopify Planet: With carbon-neutral shipping through Shopify Planet, Three Ships Beauty funds promising climate projects in soil and forestry. To date, over 13,150kg of shipping emissions have been offset, equivalent to 33,662 miles driven by an average gasoline-powered car. Learn More

Upcycled Ingredients

• Giving New Life to Forgotten Goods: Three Ships upcycles discarded ingredients, preventing them from going to waste. By finding value in unused raw materials, the brand reduces waste and formulates high-quality skincare products.

In Summary

With a firm focus on effective, transparent, and sustainable skincare, Three Ships Beauty is poised for exponential growth.

The recent $3.5 million CAD funding led by Thrive Venture Fund marks the beginning of a new chapter, as the brand continues to make natural, effective skincare accessible to everyone.