Beauty Startup Birchbox Raises $60 Million at a Nearly $500 Million Valuation

New York City-based Birchbox has received a new investment of $60 million at a valuation of around $485 million, according to a person familiar with the deal.

Fortune first reported the news and said Viking Global Investors led the round. First Round Capital, Accel Partners and Consigliere Brand Capital also participated.

The startup, which was founded in 2010, built a following early on by shipping boxes of beauty samples to customers each month for $10 a month. Since then, the company has expanded into offering full-priced beauty products in an e-commerce store.

The company now has more than 800,000 monthly subscribers and is believed to have an annual revenue run rate of more than $100 million.

Birchbox also recently announced plans for its first physical retail store. The store is expected to help build awareness for the brand, but also may be the key to being able to sell some high-end beauty products from brands that won’t distribute through retailers that don’t have a physical presence.

This article originally appeared on Recode.net.

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