BoldHue—a female-founded company behind a device that creates personalized foundation—has successfully closed an oversubscribed seed round, raising nearly $5.2 million in funding to date. The round was led by Lucas Venture Group with participation from Capital Eleven, Backstage Capital, Tacoma Ventures, Mark Cuban and Kevin Huvane. 

The Boise, ID-based company was founded in 2020 by two-time entrepreneur Rachel Wilson and former Raytheon aerospace engineer Karin Layton.

The funding will allow the company’s patented device, which dispenses a matched shade of foundation in minutes, to begin shipping its first 10,000 units. The company says there is a waitlist of more than 40,000 consumers who want to purchase their own devices, which have been dubbed the “Keurig for makeup.”

The first shipments are expected this fall, according to the company.

BoldHue initially raised nearly $2 million between the company’s friends and family and pre-seed rounds, and this $3.37 million seed fundraise marks their first priced round.

The newly raised capital will allow the company to ship their first round of kits, onboard their first round of key executive hires.

Additionally, the funding will support marketing initiatives to market the device nationally through a roadshow in which the BoldHue “BoldCrew” street team will visit major metropolitan areas. The plan is to focus on building community ahead of the market launch in the fall.

“We’re incredibly grateful for the overwhelming support from our investors who share our vision for revolutionizing the beauty-tech industry. This funding milestone not only validates our technology but propels us forward in our mission to launch our personalized foundation device to all consumers and makeup enthusiasts alike. We are thrilled to be able to embark on the next phase of BoldHue’s journey,” said Rachel Wilson, co-founder and CEO of BoldHue.

“Supporting these trailblazing women from day one has been an absolute pleasure. Rachel and Karin have engineered the most elegant solution the beauty-tech industry has ever seen, setting a new standard for innovation and excellence. The ‘wow’ moment when people realize their perfect match foundation is delivered instantly is incredible,” said Lucas Venture Group Managing Partner Sarah Lucas.