Glossier, the popular beauty brand, is reportedly seeking to raise $100 million in a new funding round, but at a significantly lower valuation than its previous round, according to a report by Puck. The company is aiming for a valuation "south of a billion dollars," a notable drop from its $1.8 billion valuation nearly four years ago.

The news comes as Glossier has struggled with profitability and scale in recent years. Despite its popularity, the company has faced challenges in maintaining its growth trajectory, which has likely contributed to the decrease in its valuation. Glossier did not immediately respond to requests for comment on the matter.

According to sources who spoke to Puck, Glossier is not necessarily in need of the funding, but rather is seeking new consumer-oriented investors and a refreshed board. This move is likely an effort to adapt to the changing direct-to-consumer market, which has become increasingly competitive since Glossier's last funding round. In the past, investors were more willing to invest heavily in DTC brands, but the landscape has shifted, and investors are now more cautious.

Glossier's current investors include prominent firms such as Forerunner, Sequoia, Thrive, and Index, according to Puck and Pitchbook. It remains to be seen how these investors will respond to the company's new funding round and whether they will participate in the raise.

The reported funding round and lower valuation raise questions about the future of Glossier and its ability to compete in the crowded beauty market. The company's struggles with profitability and scale are not unique, as many DTC brands have faced similar challenges in recent years. However, Glossier's brand recognition and loyal customer base have helped it maintain a strong position in the market.

The outcome of Glossier's funding round will be closely watched by the startup community, as it will provide insight into the current state of the DTC market and the appetite of investors for beauty and consumer brands. If successful, the funding round could provide Glossier with the necessary capital to revamp its strategy and regain its footing in the market.

In the broader context, Glossier's story serves as a reminder of the challenges faced by startups as they scale and mature. Even successful companies like Glossier can struggle to maintain their growth trajectory, and it's often necessary to adapt and evolve to stay competitive. As the startup ecosystem continues to evolve, it will be important to monitor the progress of companies like Glossier and learn from their experiences.