Oddity Tech Ltd., an online beauty-care retailer, based in New York, announced on Tuesday the launch of its Oddity Token, a digital security token built on the Ethereum blockchain, to provide an opportunity for accredited investors to buy shares in the company in the form of digital security.
With the new crypto token, Oddity is providing investors with a new way to participate in the company's strong performance.
The company opened ‘The Oddity Token offering’ on April 26, 2022, which is expected to run until May 11, 2022. The offering is being conducted under SEC Regulation D guidelines, which means it is a regulated offering open only to accredited investors.
The Oddity Token is digital security that automatically converts into Oddity Class A ordinary shares at the time of the company’s anticipated initial public offering (IPO). The firm mentioned that the proceeds would be used for general corporate purposes.
Oddity is one of the first non-crypto-focused companies to provide such a method of security and the first to link directly to equity ownership.
Oran Holtzman, the co-founder and CEO at Oddity Tech Ltd, talked about the development and said: “By offering this trailblazing token, we are democratizing investor opportunity by broadening individual access to Oddity securities, as we continue to disrupt and redefine the beauty and wellness category.”
Holtzman further added: “Crypto and blockchain technology unlocks massive opportunity for consumers and capital markets. With this offering, we are building a new bridge to link traditional markets with the vibrant world of digital assets, where the innovation potential is huge."
Innovating the Beauty and Wellness Sector
In January, Oddity raised US$130 million in a private funding round led by Thomas Tull, Franklin Templeton, Fidelity Management & Research Company LLC, First Light Capital Group, and other growth equity investors. The funding gave Oddity a valuation of US$1.5 billion.
Launched in 2018, Oddity is the parent company of several d2C beauty brands, including IL Makiage and SpoiledChild. Oddity is a consumer-tech firm that builds and scales digital-first brands to disrupt the offline-dominated beauty and wellness industries. In 2021, the first brand of a consumer tech firm, IL Makiage, surpassed US$260 million in revenues.
Oddity raised the latest funding to continue innovating the beauty and wellness industries through technology. Oddity’s existing technology and roadmap have unlocked huge growth opportunities for the company in the beauty and wellness industries. These have enabled Oddity to continue disrupting traditional beauty and wellness sub-categories and drive a unique combination of scale, growth, and profitability.
Image source: Shutterstock
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