Online makeup beauty subscription service Ipsy (Personalized Beauty Discovery, Inc.) has raised $100 million Series B in a round led by TPG Growth and Sherpa Capital.

Founded in 2011 by “YouTube star” Michelle Phan, Ipsy offers one product: a $10 per month subscription service called the “Glam Bag,” which provides subscribers with 4-5 samples each month while they are members.

The value proposition is that members get samples worth more than what they pay for the subscription, for example, the “samples” provided in August are claimed to be worth $53.

Numbers are reported to be strong, with the service said to have 1.5 million subscribers for its single, lone product.

“Ipsy’s goal has always been to create a community that inspires women around the world to express their own unique beauty,” Co-founder Michelle Phan told Variety. “This investment is key to our continued commitment to the next generation of storytellers and creators everywhere — it’s going to be a beautiful future.”

For brands, the appeal of having their products sent out is that “community members” (subscribers in English) are encouraged to share their experiences with the product on social media (in particular YouTube) as investor David Trujillo from TPG added:

“We see consumer preferences shifting dynamically across industries and Ipsy embodies this trend for beauty. Ipsy has created a platform through which brands can more easily access customers, creators can connect with and expand their audiences, and consumers can discover new products and share these experiences via social media.”

Kill me now

Did we mention already that this company has one product?

Just in case we didn’t, we’ll mention it again: Ipsy offers exactly one product, no more or less.

The numbers are admittedly impressive, but here’s the thing: they have one product, and we’ve seen these sorts of subscription services before and they’re are nearly always fickle: they’re popular for a period and then they fade away.

Remember the one that use to send out startup swag from a while back? If you don’t, it proves the point, and that never raised $100 million along the way.

This is bubble-like insanity: you cannot build a billion dollar business with one product promoted off the back of a “YouTube star” to an audience who like the star herself will grow old and the desire of the product will fade like wrinkles will appear on Michelle Phan’s face.

You’d hope they’d have some ideas for some new product lines, something to build the business, but mum’s the word, because they haven’t said a thing, leading you to believe there are no plans; the only really good thing you can say is that at least it’s not my money being invested.

Including the new round Ipsy has raised $103.2 million to-date with previous investors including 500 Startups and Crosscut Ventures.

Image credit: Ipsy.