Latest fund size
$54.7M
Announced
October 22, 2026
Global HQ
United States
Members only
Check size
$1M-$3M
Members only
Stage focus
Seed, Series A, Series B, Growth
Members only
Regions of investment
North America
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True Beauty Ventures is a New York-based venture capital firm founded in 2020 by Rich Gersten and Cristina Nuñez, former colleagues at L Catterton and Tengram Capital Partners, investing in beauty, wellness, and personal care brands. The firm is majority female, and more than 80% of its portfolio companies have women or minority founders.
Rich Gersten, Co-Founder and Managing Partner
Cristina Nuñez, Co-Founder and General Partner
cristina@truebeautyventures.com
Caroline Weintraub, Vice President
caroline@truebeautyventures.com
Maclean Liotta, Senior Associate
maclean@truebeautyventures.com
Caroline Phipps, Senior Associate
Members only
Names, roles, emails and LinkedIn profiles for the team, plus the fund's website.
True Beauty Ventures invests in beauty, wellness, and personal care brands, with particular attention to fragrance, clinical skincare, scalp care, and hair health.
The firm backs highly differentiated brands with a clear path to scale through specialty retail, generally requiring a Sephora or Ulta Beauty retail partnership before investing, and targets brands with roughly $2 million in net revenue and gross margins of at least 70%.
It takes a hands-on, mentorship-oriented role with portfolio companies and invests early, continuing to support brands as they grow.
Members only
What the fund looks for in founders and which sectors it backs.
True Beauty Ventures has raised $54.7 million so far for its third fund, according to an SEC filing that does not disclose a target size.
The firm's debut fund closed in 2021 with more than $42 million, above its original $30 million target, and its second fund targeted $75 million, with about $70 million in commitments secured as of May 2024.
Institutional investors made up about 40% of the second fund's capital, up from about 20% in the first, with the remainder from family offices, founders, and industry individuals.
Named backers across its funds include Image Skincare founder Janna Ronert, Astral Brands CEO Robert Cohen, Andalou Naturals founder Stacey Egide, EC Scott Group's Liz and Mark Scott, Cosmetic Solutions' Warren Becker, Revive CEO Elana Drell Szyfer, former Neiman Marcus executive Kelly St. John, Bona-Fide Beauty co-founder Pamela Baxter, L'Oréal's Roger Dolden, and OneSpaWorld chairman Leonard Fluxman.
Members only
Fund size, LPs and track record.
Leadership
True Beauty Ventures was co-founded by Rich Gersten, Co-Founder and Managing Partner, and Cristina Nuñez, Co-Founder and General Partner, both of whom previously worked together at L Catterton and Tengram Capital Partners.
Investment Strategy
The firm typically makes initial minority investments of $1 million to $3 million, with follow-on investments of two to three times the initial amount for brands that meet their goals.
It is largely stage-agnostic, having invested from seed through Series C, though most checks go into Series A or bridge-to-Series A rounds, and it plans 10 to 12 investments per fund.
Notable Investments
Members only
Leadership, investment strategy, notable investments and exits.
