Makeup by Mario — the beauty brand founded by celebrity makeup artist Mario Dedivanovic — announced Friday that it raised a $40 million minority growth investment.

The funding round participants included venture capital firm Silas Capital and private investment firm Provenance, according to a company press release. With the latest investment, Makeup by Mario plans to expand its product assortment at Sephora globally, improve upon its existing management team and “significantly grow” its direct-to-consumer business.

"We were at an important milestone in the company's growth, and we were looking for the right financial partners to guide us on the next step of that journey,” Dedivanovic said in a statement. “Our goal is to build a legacy that we can be proud of, one based on timeless beauty principles. We've found the ideal partners in Provenance and Silas for that journey.”

The investment comes at a time when many venture-backed brands are experiencing a funding drought. In 2022, global VC funding was down 35% year over year, and in the U.S. specifically, it was down 37%, according to data from CB Insights. However, several newer beauty companies have announced the completion of funding rounds over the past few months, including Thirteen Lune, InnBeauty Project and Topicals.

Makeup by Mario launched in October 2020, initially offering products ranging from $14 to $48 through its own DTC website. Since then, it has expanded into wholesale prestige beauty retailer Sephora and most recently introduced its first foundation product, SurrealSkin Foundation. The company said SurrealSkin has sold one bottle every 10 seconds since launching.

Dedivanovic’s client list has included celebrities such as Kim Kardashian, Normani and Salma Hayek.