Unilever Ventures, the venture capital arm of Unilever, has entered the fragrance domain for the first time by partnering with True Beauty Ventures to support the indie fragrance brand, The 7 Virtues. This collaboration signifies a strategic move for both companies into the fragrance sector.

Canada-based The 7 Virtues, known for its ‘clean’ fragrances and commitment to sustainability, plans to utilize the investment from its inaugural institutional financing round to establish a New York office, expand its team, and enhance global outreach through Sephora. Additionally, the brand aspires to open a ‘maison’ in Nova Scotia, Canada, where patrons can craft their personalized perfumes.

Founded in 2010 by author Barb Stegemann, inspired by her book ‘The 7 Virtues of a Philosopher Queen,’ the brand’s fragrances boast sustainably sourced ingredients, with a pending B Corp certification. The fragrances feature a high 22% concentration of fragrance oil. Notably, The 7 Virtues is committed to advancing period equity as a means of promoting peace.

Anna Ohlsson-Baskerville, Partner at Unilever Ventures, expressed excitement about the partnership, stating, “The 7 Virtues has cracked the code on creating long-lasting perfumes using sustainable ingredients that their loyal customers love, along with their empowering and authentic story.”

Rich Gersten, Co-founder and Partner at True Beauty Ventures, highlighted the brand’s remarkable growth, emphasizing, “When an indie brand like The 7 Virtues outpaces brands with million-dollar budgets, they prove the revenue potential is explosive with the right type of support, which we are excited to provide as this team takes The 7 Virtues to the next level.”

CEO of The 7 Virtues, Barb Stegemann, outlined the brand’s mission, saying, “Our goal to advance period equity as a means to build peace by empowering women at home and abroad and giving them back control over their reproductive rights is the path to lasting change.”

This investment by Unilever Ventures signifies a notable shift, echoing other major beauty players entering the fragrance category. The move aligns with a broader industry trend, as evidenced by Coty’s ambitious fragrance collection earlier this year and Kering’s acquisition of luxury perfume house Creed for its newly formed beauty division. The fragrance sector continues to captivate the attention of industry giants seeking innovation and sustainable practices.