Nutrafol Secures $35 Million Series B Funding to Advance Plant-Based Hair Health Solutions

VCBeat (WeChat ID: vcbeat) has learned that on April 2, 2019, U.S. nutraceutical company Nutrafol announced the completion of a $35 million Series B financing round. The round was led by venture capital firm L Catterton, with participation from Unilever Ventures, a subsidiary of Unilever. The company intends to use the funds to:

1. Expand the company’s personalized service system, with a primary focus on developing new products to address hair health issues caused by menopause, excessive stress, and gut health problems;

2. Nutrafol will further collaborate with relevant scientists to conduct research aimed at validating the actual efficacy of its products;

3. Expand marketing reach and intensify marketing efforts.

Nutrafol, founded by CEO Giorgos Tsetis in 2016, develops oral nutraceuticals featuring natural botanical formulations designed to restore disrupted hormonal balance and address various hair health issues—such as hair loss and dryness—at their root. It is important to note that the company’s products have not been evaluated by the FDA and are not classified as drugs.

Nutrafol spent two years conducting a comprehensive analysis and testing of thousands of hair mineral samples before launching its new product line, Core Solutions. In just two years, Nutrafol’s revenue tripled. The company has become a recognized star in the next generation of hair health in the United States, earning numerous accolades, including the “Best Beauty Breakthrough” award from Allure in 2018.

Product Promotional Image (Source: Nutrafol Official Website)

Nutrafol Continues to Improve and Innovate Its Products, Recently Launching Seven New Targeted Boosters Based on Existing Formulas. These products are composed of medical-grade natural ingredients, designed to address hair damage caused by internal bodily issues such as liver abnormalities, vitamin B deficiency, and excessive stress.

“Our vision is to help those with hair health concerns adopt the right mindset,” said Giorgos Tsetis, Co-Founder and CEO of Nutrafol. “We are grateful for the investment from L Catterton and Unilever Ventures. Moving forward, the company will promote its brand globally and expand its market share.”

The Chairman of Unilever Ventures stated, “We participated in the company’s Series A financing round in 2017. Nutrafol’s products have demonstrated excellent efficacy in addressing hair thinning in consumers without causing side effects. We are optimistic about the company’s future development and therefore co-invested in this Series B financing round.”

Since its inception in 1989, L Catterton has invested in more than 200 companies across various sectors of the consumer industry, with $15 billion in assets under management, making it the largest and most experienced consumer-focused private equity firm globally.

Unilever Ventures is a wholly-owned subsidiary of Unilever, primarily investing in early-stage startups in the personal care and e-commerce sectors. Portfolio companies can achieve rapid growth more easily by leveraging Unilever’s global ecosystem.

Reference Link:

https://nutrafol.com/

http://www.finsmes.com/2019/04/nutrafol-raises-35m-in-series-b-financing.html

https://www.prnewswire.com/news-releases/nutrafol-announces-35m-series-b-funding-led-by-l-cattertons-growth-fund-with-participation-from-returning-investor-unilever-ventures-300822818.html

(Compiled by: Yang Shaobo)