French beauty brand WAAM Cosmetics raises £4.8 million

WAAM Cosmetics, the French do-it-yourself beauty brand, has raised £4.8 million (€5 million) in its latest round of funding.

After raising £1.2 million (€1.5 million euros) in February 2020, the second round of funding aims to accelerate the commercial and product development of WAAM, which has just introduced its Magic Powder line of hygiene products.

Lead investors were We Positive Invest 2, the impact fund launched a few weeks ago by Arkéa Capital, Karot Capital, a specialist in early-stage investments and an investor in WAAM since 2020, and Pierre Cazaux, who started the global creative agency Dragon Rouge.

WAAM Founder Dieynaba Ndoye told WWD that the fundraising will allow WAAM to continue its virtuous product development process and to accelerate the brand’s growth in France and abroad, particularly by strengthening its teams.

Created in 2016 by Ndoye, WAAM is a moniker that’s an acronym for “we are all metis” — referring to people of mixed ethnic heritage. The DIY cosmetics brand is based on a multicultural approach to beauty and uses recycled and recyclable bottles and jars made in Europe for its packaging.

Ingredients are sourced sustainably from around the world and include plant-based oils and butters, floral waters, essential oils, clays and natural actives, plus tools and accessories for mixing formulas.

Arkéa Capital and Karot Capital said in a statement: "It’s a real innovation for the cosmetics sector, where water represents between 60 percent and 90 percent of the product components available on the market, and which makes it possible to offer packaging that’s clearly reduced compared to that of conventional industry — thus reducing the tons of products transported."