Operations
27 March 2023
True Botanicals, Momofuku Goods raise; Scotch & Soda acquired
Dealboard has funding news from L'Oréal, StoreForce, Mad Rabbit Tattoo and more.
True Botanicals. (Courtesy photo)
Dealboard has funding news from L'Oréal, StoreForce, Mad Rabbit Tattoo and more.
True Botanicals. (Courtesy photo)
This week, skincare brand True Botanicals, Shark Tank alum Mad Rabbit Tattoo and CPG spinout Momofuku Goods raise new funds, while Scotch & Soda finds a new parent after bankruptcy. On the tech investment front, there's new funding for sustainable beauty ingredients and no-code mobile apps.
Check out the latest deals:

True Botanicals, a clean skincare brand, closed on a Series B investment round from San Francisco-based growth equity firm NextWorld Evergreen. The digitally native brand is seeking to grow in retailers. It currently has a presence in Nordstrom, Credo Beauty and The Detox Market. The size of the investment was not disclosed.
The brand said it now has an all-female board, including:
Specialty retail platform StoreForce announced a new investment from Accel-KKR, a private equity firm.
StoreForce offers a range of data-driven tools, including workforce and performance management, retail execution and employee engagement, among others. Customers include Asics, Crate & Barrel, Lids and more.
With the funding, StoreForce will seek to grow through organic and M&A opportunities in markets across the globe.
“In the current dynamic market in retail such as the continual convergence of digital and brick-and mortar channels, a changing workforce and the constant need to optimize store performance, one thing remains unchanged: delivering superior customer experience. StoreForce’s offerings deliver proven ROI by helping specialty retailers gain a competitive edge and drive rapid sales growth,” said Nishant Patel, Principal at Accel-KKR, in a statement.
Terms of the investment were not disclosed.
Vue Storefront, a ‘front-end-as-a-service platform for ecommerce, raised $20 million in a Series A+ round, TechCrunch reported.
The financing was led by Felix Capital, with participation from Mirakl CEO Philippe Corrot, Mirakl head of engineering Nagi Letaifa, as well as existing investors Creandum, Earlybird and SquareOne.
The company is building a composable suite of tools for the front-end of ecommerce, aligning the how backend architecture is evolving. Along with the funding, Tim Drijvers joined as CTO from SendCloud.
Geno, a biotech venture developing ingredients that offer a sustainable alternative to current beauty and personal care chemicals, received a new investment from L'Oréal. The beauty company joins Unilever and Kao Corporation as founding members of Geno.
Geno uses engineered microorganisms to ferment plant sugars that produce ingredients to make sustainable surfactants. The ingredients will be used in a range of L'Oréal’s products.
"Welcoming L'Oréal to this incredible team of global brand heavyweights signifies just how important and urgent the need is for traceable, resilient and sustainable materials, at scale,” said Christophe Schilling, CEO of Geno, in a statement.
L'Oréal's commitment further validates Geno's ability to deliver at scale and accelerates our journey toward reducing global carbon emissions by over 100 million tons in the upcoming years by targeting large-scale material markets.
Momofuku Goods raised $17.5 million in a Series A round, led by Sidhi Capital, according to Retail Dive. Momofuku Goods is the CPG arm of the culinary ventures run by Chef David Chang. Through DTC and retail channels, it sells chili crunch, air-dried noodles, soy sauce and seasoned salts.
“We spent a decade testing and developing our pantry essentials, ensuring that they were up to the standards we uphold in our restaurants,” said Chang, in a statement. “With this investment, I’m looking forward to bringing even more flavor to home cooks’ kitchens.”
Tattoo aftercare brand Mad Rabbit raised $10 million in a Series A funding round.
The financing was led by Lucas Brand Equity, with participation from Mark Cuban, H Venture Partners, and other notable investors.
ABC’s Shark Tank alum Mad Rabbit makes tattoo products with natural ingredients, available through DTC, Verishop and vitaminshoppe.com, as well as Urban Outfitters and GNC. They are designed to promote healing following tattoo application. With the funding, the brand plans to expand its product line, increase marketing and grow its team.
Appbrew, a no-code platform helping Shopify brands build mobile apps, raised $2 million in seed funding.
Accel led the financing, with participation from Riverside Ventures and angels.
Founded in 2022, Appbrew is designed to enable brands to build and launch native mobile apps in iOS and Android. It comes as 74% of retail traffic came from smartphones in Q4, according to the company.
“In the current environment of expensive performance marketing, Appbrew increases brand profitability by improving conversion rates and retaining loyal customers. Their emphasis on enhancing mobile shopping experience piqued our interest, and we are pleased to be part of their mission,” said Pratik Agarwal, principal at Accel, in a statement.
Outdoor brand Topo Designs received an equity investment from Gart Capital Partners in its first outside funding round after about 15 years in business.
The funding will help to raise brand awareness and expand customer acquisition programs across DTC channels, as well as expand in wholesale.
"In Topo Designs, we saw a unique opportunity to invest in a differentiated outdoor brand with unmatched authenticity and credibility, as well as a strong mission dedicated to helping all people explore and enjoy the outdoors, however it is that they define it," said Alex Gart, a partner at Gart Capital, in a statement.

Scotch & Soda stores. (Courtesy photo)
Scotch & Soda, a Dutch fashion brand, was acquired out of bankruptcy by Bluestar Alliance, a brand management company.
With the move, Scotch & Soda joins a portfolio that also includes Hurley, Bebe and Tahari.
"The niche brand sits on its own and attracts a younger fashion-conscious consumer who appreciates fine craftmanship and attention to detail," said Bluetar COO Ralph Gindi. "Our goal is to continue Scotch & Soda's luxury retail distribution strategy, while also introducing the brand to more trendsetters, especially those looking to express their personality through their clothing.”
A statement from the law firm Jones Day said not all Scotch & Soda employees will be kept onboard, but called the Bluestar deal “by far the best deal for all stakeholders involved.”
At the time of bankruptcy, Scotch & Soda operated 252 stores, and had goods in 7,000 retail doors. It was previously owned by Sun Capital Partners.
Campbell Soup Company CEO Mark Clouse offered thoughts on messaging amid inflationary shifts in consumer behavior.
After months of elevated inflation and interest rate hikes that have the potential to cool demand, consumers are showing more signs of shifting behavior.
It’s showing up in retail sales data, but there’s also evidence in the observations of the brands responsible for grocery store staples.
The latest example came this week from Campbell Soup Company. CEO Mark Clouse told analysts that the consumer continues to be “resilient” despite continued price increases on food, but found that “consumers are beginning to feel that pressure” as time goes on.
This shows up in the categories they are buying. Overall, Clouse said Campbell sees a shift toward shelf-stable items, and away from more expensive prepared foods.
There is also change in when they make purchases. People are buying more at the beginning of the month. That’s because they are stretching paychecks as long as possible.
These shifts change how the company is communicating with consumers.
Clouse said the changes in behavior are an opportunity to “focus on value within our messaging without necessarily having to chase pricing all the way down.”
“No question that it's important that we protect affordability and that we make that relevant in the categories that we're in," Clouse said. "But I also think there's a lot of ways to frame value in different ways, right?”
A meal cooked with condensed soup may be cheaper than picking up a frozen item or ordering out. Consumers just need a reminder. Even within Campbell’s own portfolio, the company can elevate brands that have more value now, even if they may not always get the limelight.
The open question is whether the shift in behavior will begin to show up in the results of the companies that have raised prices. Campbell’s overall net sales grew 5% for the quarter ended April 30, while gross profit margins held steady around 30%. But the category-level results were more uneven. U.S. soup sales declined 11%, though the company said that was owed to comparisons with the quarter when supply chains reopened a year ago and expressed confidence that the category is seeing a longer-term resurgence as more people cook at home following the pandemic. Snacks, which includes Goldfish and Pepperidge Farm, were up 12% And while net sales increased overall, the amount of products people are buying is declining. Volumes were down 7%.
These are trends happening across the grocery store. Campbell is continuing to compete. It is leading with iconic brands, and a host of different ways to consume them. It is following that up with innovation that makes the products stand out. Then, it is driving home messaging that shows consumers how to fit the products into their lives, and even their tightening spending plans.
Campbell Soup is more than 150 years old, and has seen plenty of difficult economic environments. It is also a different business today, and will continue to evolve. At the end of the day, continued execution is what’s required.
“If it's good food, people are going to buy it, especially if it's a great value,” Clouse said.