Dive Brief:

• Hayley Barna, co-founder with Katia Beauchamp of beauty e-retailer Birchbox, is stepping down as co-CEO of the company, Fortune reports.

• Beauchamp continues as CEO as the company looks to spur growth and expands its brick-and-mortar presence.

• Birchbox is gearing up to raise a Series C round of funding that would likely value the company at $750 million, sources told Fortune.

Dive Insight:

Katia Beauchamp and Hayley Barna co-founded Birchbox in 2010, and have run it as co-CEOs since, though many observers have noted that Beauchamp often seemed to be the face of the company, speaking to the press and at events.

In its statement, the company noted that: “After five years and more than a million customers, we are just getting started,” and that’s true. Birchbox is at a stage, ready for growth but also facing some headwinds, and that often means change at the top for an upstart company. 

Beauty retailer Sephora, once an upstart itself that sidestepped the staid department-store beauty counter to allow customers closer access to upscale products, recently launched its own monthly box subscription—the Birchbox staple. A million Birchbox subscribers pay $10 monthly for their box of samples, but many of them buy those full-sized products elsewhere. 

Not that Birchbox was going to get by on its subscription success. A third of its business comes from full-sized products, and the company has already said it must boost that category.

“As we begin this next chapter, we’re more focused than ever on growing quickly and strategically and reaching the 44 million US consumers who are currently underserved by the $465 billion dollar global beauty industry,” Birchbox chief communications officer Claire Paull said in a statement. “While we very much miss having [Hayley] in the office each day, she will always remain an integral part of the company and will continue to be actively involved as an advisor and member of the board of directors.”