Beauty-in-a-box brand name Birchbox has altered its ownership structure.

The New York-based start-up, which has actually raised nearly $90 million in financing from kept in mind endeavor companies like Accel Partners and First Round Capital, has a brand-new bulk owner in hedge fund Viking Global, sources validate to TechCrunch.

First reported by Recode, Birchbox made some modifications to its cap table after cannot discover an ideal purchaser. We are informed that the information are still getting completed, however that Viking is anticipated to handle a bulk stake after investing about $15 million. Viking formerly led Birchbox’s $60 million financing round in 2014.

Birchbox did not react for remark.

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Birchbox has actually handled to end up being a home name among its targeted market of female millennials, however its service has actually dealt with difficulties in the middle of growing competitors. Ipsy , Glossybox, Sephora and Allure Magazine are among the numerous charm sample box memberships that customers can purchase.

Its boxes retail for simply $10 monthly. And while they have the ability to discover discount rates and collaborations with charm brand names excited to partner with Birchbox, it can still be tough to keep circulation expenses down, while likewise investing in sales and marketing to grow business. Birchbox hopes that customers will purchase more full-sized items off of its site.

Recaps are not unusual, however they are typically an indication that a start-up is having a hard time. It is a chance for Birchbox to raise money and stay in service while it figures out a longer-term strategy.

Birchbox was established in 2010 by Harvard Business alums Hayley Barna and Katia Beauchamp. Barna left Birchbox and is now a financier initially Round Capital. Beauchamp stays CEO.

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