Beauty M&A kicked off hot (and high-profile) in 2023 when P&G Beauty acquired TikTok-loved natural hair care brand Mielle Organics in January.

The yr has since ushered in a flurry of deals: Live Tinted closed a $10 million series A led by Monogram Capital Partners, Oprah Winfrey invested in Dr. Barbara Sturm’s namesake brand and L Catterton backed Tula’s founders for his or her newest enterprise, Dibs Beauty, to call a couple of.

“I’d expect the speed of beauty deals to choose up within the second half of this yr and speed up into 2024, as many corporations have held off exiting or raising capital in the present climate,” said Wealthy Gersten, who cofounded early stage investment fund True Beauty Ventures in 2020 with Cristina Nuñez.

Up to now this yr, True Beauty has invested in Caliray and sun care brand Vacation.

“The bar continues to be raised for what makes a horny beauty investment today,” said Nuñez. Gersten added that an enticing founder, differentiated positioning (“next-level sustainable, inclusive, wellness-driven”) and clinical efficacy are among the many qualities that make a brand appealing to potential investors.

“The success of the recent Oddity IPO further illustrates the importance of tech in relation to customer acquisition,” he said.

The highest U.S. beauty VC raises by size in 2023 YTD, per Pitchbook.

The highest U.S. beauty corporations by VC raised to this point.