PROVEN Skincare completes funding round (Score 7)

Sales lead: Reach out to see if you can help this emerging brand. 

• PROVEN Skincare secured $12.2m in a Series A funding round in September 2023.
• This brings the company's total valuation to $21m. 
• NewH2 Ventures led the funding round. 
• It plans on using these funds to expand its product offerings and build out its team.

Target demographic: Gen-Z & millennial women

The company will likely:

• Continue ramping up digital spend
• Seek agency assistance
• Launch new products

Digital and social insights (digital ad spend, effectiveness, impressions, and performance)

• YTD spend: PROVEN spent nearly $6.2m on digital display ads YTD, a significant increase from $1.4m spent in this channel during the same time period of 2022. 
• YTD data: 915.9m impressions via Instagram (63%), Facebook (34%), and YouTube (3%). 
• 2021-2022 spend: Full-year spend equaled $2.6m in 2021 and 2022. 
• Ad location: It placed 100% of these ads directly onto instagram.com, facebook.com, and youtube.com. 

Agency analysis:

• Opportunity: The company may use a portion of the new funding to outsource some marketing duties. 
  • I recommend offering PR/communications services at first.
  • Be sure to focus your pitches on helping PROVEN build brand awareness. 

Insight Sources: Digital spend insights estimated by Pathmatics.