The beauty commerce startup is about to raise a new round of funding.
As is common with startups, the identity of subscription cosmetics company Birchbox is closely linked to its founders. Katia Beauchamp and Hayley Barna co-founded the company in 2010, running it as co-CEOs.
But Fortune has learned that the arrangement quietly changed in recent months: Barna is no longer co-leading the company. The change has been announced internally. Barna has removed the title “co-CEO” from her LinkedIn profile and Beauchamp’s profile now simply says “CEO.”
Update: Birchbox Chief Communications Officer Claire Paull provided the following statement:
Birchbox soon will set out to raise a new round of funding, according to sources familiar with the situation. This would follow a $60 million Series B round of funding raised last April, which valued the company between $400 and $500 million. The company’s Series C valuation is likely to be in the range of Harry’s, a men’s grooming products business that was recently valued at $750 million, a source added.
New York-based Birchbox boasts more than one million subscribers who spend $10 per month for a box of beauty samples. The company has said in the past that 30% of its revenue comes from sales of full-sized products.