Building Outside the Lines: Rethinking Venture, Beauty, and What Success Really Looks Like
An inside look at how we built True Beauty Ventures differently and what it can teach founders and funders about focus, fit, and staying close to the consumer.
The Traditional Venture Playbook Wasn’t Built for Beauty. So We Wrote Our Own.
When we launched True Beauty Ventures, we didn’t set out to disrupt venture capital. Truthfully, my co-founder Rich Gersten and I had very little exposure to what VC even was. We just wanted to build the kind of firm we wished existed: one grounded in sector expertise, deep founder empathy, and a more balanced definition of success.
Beauty and wellness are powerful economic engines. But for years, early-stage founders in these categories were overlooked or misunderstood by traditional investors. There was a gap in the market: high-potential brands led by passionate founders who didn’t check the usual venture or private equity boxes. That gap is where TBV was born.
What Makes TBV Different
We built this firm from the ground up to reflect what we believe matters most in early-stage investing:
Aligned Team, Aligned Outcomes
I co-founded TBV as a Hispanic female GP, and today our investing team is 80% female. Three-quarters of our portfolio is led or co-led by women. This isn’t performative. It’s intentional. We’ve built a team that reflects the founders we back and the consumers they serve.
Beauty and Wellness, Full Stop
We aren’t generalists who dabble in beauty. It’s all we do. That focus allows us to move quickly, spot patterns early, and provide real operational support. Between Fund I ($42M, launched in 2020) and Fund II ($75M, launched in 2023), we’ve built a portfolio of some of the most recognizable brands in beauty and wellness—20 of them and counting.
Outcomes Over Optics
Our first successful exit came with the sale of K18 to Unilever, a deal that returned almost 80% of Fund I’s called capital. It was fast, high-impact, and headline-worthy. But great returns don’t always come from billion-dollar exits. Modest but meaningful outcomes can drive strong performance when you keep the loss ratio low and select and support the right brands with experience and discipline.
Hands-On Partnership
We operate more like a private equity partner than a passive VC. We dig in on pricing, margins, marketing, and distribution. We don’t just write checks. We help founders navigate complex decisions and scale with intention. And most importantly, we don’t disappear when the going gets tough. That’s when we lean in the most.
Why This Matters for Founders and Operators
Even if you’re not raising capital or building a beauty brand, there are broader takeaways in how we’ve chosen to build TBV:
1. You don’t need to do things the way they’ve always been done
There’s power in specialization. Depth can win over breadth. Whether you’re building a brand, a career, or a company, staying close to your strengths can set you apart.
2. Surround yourself with people who reflect your values and your customer
This applies to investors, team members, advisors, and collaborators. Shared context leads to better decisions and stronger outcomes.
3. Know what success looks like for you and build toward that
In venture, billion-dollar headlines get all the attention. But success doesn’t have to look like that, and in consumer, it often doesn’t. Strong, sustainable wins come in many shapes. The key is defining what matters most to you from the start.
4. Strategy is important, but empathy is a competitive advantage
You can lead with both conviction and care. That combination builds trust, loyalty, and long-term value. We view empathy as an edge.
Coming Soon: So You Want to Work in Venture?
One of the questions I get asked most is, “How do I break into VC?” The truth is, there’s rarely a traditional path. Most of the emerging managers I know built their firms because they saw a gap in the market and had a unique combination of skills, perspective, and determination to fill it.
Starting this fall, I’ll be diving deeper into this topic in my quarterly Zoom mentorship sessions. I’ll also be sharing honest insights here on what makes a great investor, how to build a relevant background, and how to carve your own path into an industry that often feels opaque. If you’ve been curious, stay tuned.
Final Thought
If you’ve ever felt like you don’t quite fit the mold, you might be closer to building something original than you think. At TBV, we’ve never fit the mold. And that’s been our greatest strength.
We’re building outside the lines. And we’re just getting started.
👉 Share this with a founder or operator who’s building differently.
✉️ Sign up for my upcoming mentorship Zooms here.
One of my fave sound bites “surround yourself with people who reflect your values and your customer”
I cannot agree more on this point hence I have been the biggest fan of TVB. Esp in Asia, financial investors loved to invest on beauty but could not grow any further. Lack of successful cases due to limited category expertise, understanding those unique beauty founders characteristics and short fund life span.