A manufacturer of innovative solutions for hair, skin and nail treatments has raised $15.3 million in a private equity offering, according to a filing Tuesday with the Securities and Exchange Commission.
Reason to Believe LLC obtained the money from 50 investors, according to the filing.
This biotech manufacturing company currently has $749,999 remaining of the total $16.08 million in fundraising.
The company raised the money in the forms of debt, equity and stock options. The company is based in Raleigh with a manufacturing plant in Winston-Salem, North Carolina.
It has developed keratin to aid in the health of hair, skin and nails. Its products are sold under the Virtue brand.
Reason to Believe was the first tenant in an 8,000-square-foot space in Whitaker Park, located in Winston-Salem, in 2016.
The company, whose previous name was Keratin Cosmetic Sciences LLC, expects to grow from eight employees to over 50 employees in the next five years at its Whitaker Park location.
Melisse Shaban is the founder and chief executive officer of Reason to Believe. She has 25 years of experience in hair and skin care, including stints in management at Aveda and The Body Shop.
In January 2006, she formed Chrysallis LLC, a strategic management team dedicated to nurturing and developing niche retail brands.
She has overseen investments in companies including StriVectin, the largest independent prestige anti-aging skin care brand in America; Frédéric Fekkai, a leading prestige hair care and salon brand; and Niadyne Inc., a company dedicated to the discovery and development of topical products for the treatment and prevention of sun damage to the skin.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.