EXCLUSIVE: IEVA Raises 2.5 Million Euros in Funding
PARIS – IEVA — the recently launched brand linking beauty, wellbeing, tech and the environment — has raised 2.5 million euros via a convertible bonds issuance.
The transaction, which is part of a second round of financing, was made via a private placement with CM-CIC Capital Innovation.
The private equity concern is already a shareholder in IEVA, which launched at the end of January. The brand founded by Jean-Michel Karam intends to use the new funds in part for its commercial deployment plan.
A first round of funding, which backed the development of IEVA solutions and their launch, was of about 3 million euros in the second half of 2016, with CM-CIC Capital Innovation, Karam and others.
“We are very satisfied with the conditions of the implementation of this issuance, which is part of a 10 million euro second funding round planned in the next 24 months,” said the executive in a statement.
IEVA is connected jewelry that measures environmental stressors and physical activity. It’s linked to a mobile application, which gives preventative and personalized recommendations based on the environmental information and answers to brief questions asked pertaining to a person’s level of expertise in beauty, and hair and skin preoccupations.
At launch, product suggestions involved the IOMA brand, which Karam launched in late 2010 and subsequently sold to Unilever, and its little sister skin-care brand targeting Millennnials, called M/C. Recommendations also included Elénature, an organic hair-care brand introduced by IEVA. But the selection will be open to other third-party brands, too, and linked to an online sales platform.
Just before IEVA’s introduction, Karan told WWD that he wants IEVA to benefit the plant. “I care about it as a scientist,” he said, reasoning that if millions of people wear IEVA’s Twin-C jewelry, the world can become meshed together and spawn a community determined to protect the environment.
“’I care about you, you care about the plant’ is a motto for us,” he said.
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