Clarity Cosmetics Inc., a Bethesda hair and skin care company founded by a former medical director at Children's National Hospital, has raised millions of dollars from outside investors to expand its reach into more retail stores and dermatologists' offices.
The company raised $27 million from at least 28 investors, including Mitch Rales, the co-founder of the D.C. conglomerate Danaher Corp. and a minority owner of the Washington Commanders, according to an Oct. 4 filing with the Securities and Exchange Commission. Other funders included investment firms Somerville SPV and Sator Grove Holdings as well as George Mrkonic, a board director of retail giant Ulta Beauty Inc.
Clarity does business as Seen Hair Care and its products — which include shampoo and conditioners, hair serum, styling products and face washes — are sold online and in more than 700 Ulta stores nationwide.
Dr. Iris Rubin founded Seen Hair Care in 2019 after serving as the medical director of the dermatologic and vascular laser surgery program at Children's National Hospital in D.C. and Maryland, according to Seen's website. She eventually stepped down from that role to focus on Seen full-time and runs the company as its chief medical officer alongside CEO and co-founder Gregory Maged, a former chief of staff to Charles Schwab Corp. founder and Chairman Charles Schwab.
Of the $27 million it has raised, $9 million came from a Series A round the company said closed in September. The remaining $18 million came from the prior conversion of outstanding promissory notes, according to the SEC filing.
The company declined to comment, but in a prepared statement, Maged said the funding will be used to help scale its professional sampling methods to reach 10,000 dermatology practices in 2025 and expand its retail footprint. Seen's products have been sold in Ulta stores since 2021 and Maged said sales have "consistently" exceeded Ulta's projections for the brand.
Seen said on its website that Rubin founded the company after noticing that certain hair care products and treatments were causing her skin to break out, which inspired her to set out and develop hair and skin products that don't clog pores. The company possesses four U.S. patents and a Japanese patent.
Seen did not disclose the size of the investment from Rales, who has a net worth of about $5.1 billion, according to Forbes, but he said in a statement that Seen "embodies all of the qualities" he looks for when investing in a brand.
"We look for companies with large market potential, strong margins, and a platform that creates unique consumer benefits. We also want to invest in leadership that is smart, agile, and driven by a passion for excellence," he said.
Seen has 18 employees, about half of whom are based in Greater Washington.
