Operations
27 March
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.
On the Move has the latest hiring update from The Vitamin Shoppe and At Home.
Heidi O’Neill has a new role at Nike. (Courtesy photo)
This week, Unilever, Nike and BigCommerce are seeing major transitions in the executive ranks. Meanwhile, The Vitamin Shoppe named a permanent CEO, and At Home brought on a longtime Walmart executive as president.
Conny Braams. (Courtesy photo)
Consumer goods giant Unilever announced key changes in top leadership roles. These include:
Graeme Pitkethly will retire as chief financial officer, effective at the end of May 2024. The board is set to launch a formal search for his successor. Pitkethly has been with Unilever for 21 years.
Conny Braams, who serves as chief digital and commercial officer, will leave the company, effective August 2023. Braams previously held senior management roles including Executive Vice President (EVP) of Middle Europe; and EVP Foodsolutions Asia, Africa and Middle East.
Craig Williams. (Courtesy photo)
Nike, Inc. announced several key leadership changes focused on consumer-led growth and marketplace. They are as follows:
Heidi O’Neill who is currently president of consumer and marketplace, will become president of consumer, product and brand.
Craig Williams, who is currently president of the Jordan Brand, will become president of geographies and marketplace at Nike, Inc.
Matthew Friend, EVP and Chief Financial Officer at NIKE, Inc., will expand responsibilities to include procurement, global places and services and demand and supply management.
Jared Carver will serve as CEO of Converse. Over the last four years, he served as VP/GM of North America for Converse.
Scott Uzzell, the previous CEO of Converse, transitioned to a new role as VP/GM, North America for Nike, Inc.
“These shifts will allow us to streamline our focus across product, brand storytelling and marketplace, mining deep consumer insights to deliver breakthrough innovation and engagement, while building long-term growth and profitability,” said Nike CEO John Donahoe, in a statement.
Lee Wright. (Courtesy photo)
Lee A. Wright was named CEO of The Vitamin Shoppe on a permanent basis, after serving as interim CEO since January 2023. Wright previously served as Chief Commercial Officer of Franchise Group and in executive roles at Conn’s.
Muriel Gonzalez was promoted to president of the retailer, after serving as EVP and chief merchandising and marketing officer of The Vitamin Shoppe since August 2020.
BigCommerce announced the following leadership roles:
Daniel Lentz was promoted to chief financial officer of BigCommerce, effective July 1. He previously served as SVP of finance and investor relations. Lentz will succeed CFO Robert Alvarez, who is retiring after a 12-year stint as CFO.
Chuck Cassidy was promoted to general counsel, effective June 2. Cassidy previously served as VP and associate general counsel. He will succeed Jeff Mengoli, who is retiring.
Hubert Ban was named chief accounting officer. He will replace Vice President of Accounting and Principal Accounting Officer Thomas Aylor, who departed the ecommerce platform on May 19.
Jeff Evans. (Courtesy photo)
Jeff Evans was named president and chief merchandising officer of At Home, the home goods retailer.
Evans previously served as EVP of entertainment, toys and seasonal at Walmart, managing the largest general merchandise business for the retailer. He rose to the position after serving in executive roles at Walmart US and Sam’s Club.