Glossier Inc has raised $100 million in a funding round led by Sequoia Capital, it said on Tuesday, as the millennial-favourite cosmetics company readies new products after doubling sales last year.

The series D funding round included some existing investors as well as new investors Tiger Global Management and Spark Capital.

The Wall Street Journal reported that Glossier was now valued at $1.2 billion.

Known for its "millennial pink" packaging, Glossier products have been worn by Beyonce, Chrissy Teigen, Miranda Kerr and other celebrities. The company, launched in 2014 as an almost exclusively online business, today counts nearly 2 million Instagram followers.

Glossier's annual revenue doubled in 2018, while its direct-to-consumer business crossed $100 million in revenue, it said.

The company also announced it had hired technology industry veteran Vanessa Wittman as chief financial officer.