Colorescience completed a $30 million debt financing with K2 HealthVentures, a healthcare-focused specialty finance company. Upon closing, Colorescience received the first tranche of $20 million and fully repaid its previous $17.5 million loan facility with Midcap Financial Services. A future acquisition tranche of up to $10 million will be available at the discretion of K2HV.
Prior to the impact of COVID-19 in Q2/20, Colorescience had averaged more than 35% revenue growth from 2017 through 2019. Over the past two months, revenues have outpaced 2019 levels.
“Throughout this process, the K2HV team has proven to have a thorough understanding of our business and the science driving our Colorescience products, and we look forward to continued collaboration,” Mary Fisher, chair and CEO of Colorescience, said.
“We are excited to support Colorescience in their mission to bring innovative and environmentally-friendly skincare products to customers,” Parag Shah, founding managing director and CEO of K2HV, said. “This investment follows our strategy of partnering with pioneering life sciences and healthcare companies with world class management that aim to improve individual outcomes and enhance public health more broadly.”
Colorescience is a skin care company.
