Hairstory has taken its first funding, promoting a minority stake to progress fairness agency Summit Partners.
WHO: Launched in 2015, Hairstory was based on the common reality that conventional haircare is unhealthy in your hair, unhealthy for the setting, and unhealthy for hairdressers. The model”s mission rethinks the whole lot about hair, creating more healthy, extra sustainable haircare merchandise that respect the setting and the hair’s ecosystem. Hairstory’s cult product New Wash cleans hair with none detergent, ending what the corporate sees as a vicious cycle of over-cleansing created by shampoo.
Hairstory launched with a brand new “direct-through-stylist” enterprise mannequin that allows hairdressers to take part in e-commerce in a means designed to respect their relationship with their shoppers. Once a hairdresser introduces Hairstory to their shoppers, they will earn commissions on all future purchases, no matter the place the shopper buys. This perpetual-affiliate mannequin is designed to allow native entrepreneurs to compete in a world more and more dominated by world giants.
WHY: The capital will allow the corporate to speed up investments in sustainable formulations and packaging, enhance model consciousness, develop its hairdresser group, and fund stock.
IN THEIR OWN WORDS: “Switching from shampoo to New Wash helps you get the hair you have been all the time meant to have,” mentioned Hairstory CEO, Eli Halliwell. “Our clients are persistently telling us that they all of a sudden begin getting unsolicited compliments on their hair once they change. It is tough to consider eradicating shampoo from the equation could make such a distinction, however it does.”
“We are passionate concerning the setting and challenged ourselves to suppose otherwise about our environmental footprint from the beginning,” mentioned Halliwell. “One of the most important alternatives we recognized was our potential to cut back plastic consumption. We launched with refill pouches for our subscriptions on the outset and shortly realized folks have been okay abandoning their plastic bottles, so we switched the whole lot over to refill pouches. We are simply beginning to apply the identical technique to our styling merchandise and our purpose is to be the primary magnificence firm to be 100% refillable.”
Melanie Whelan, a Managing Director with Summit Partners, added, “We consider Hairstory’s differentiated and efficient merchandise, buyer loyalty, profitability, and persistently sensible and deliberate progress choices make them a uncommon model. We are delighted to companion with Eli and this passionate crew to assist the corporate’s subsequent chapter: working to deploy a extra expansive progress technique whereas furthering sustainability-focused product innovation.”
DETAILS:
Summit Partners acquired a minority stake in Hairstory. The monetary phrases of the deal weren’t disclosed.
Since its launch, the model has transformed round half one million clients.
Melanie Whelan, a Managing Director with Summit Partners, joined the corporate’s board of administrators.
https://beautymatter.com/articles/summit-partners-acquires-minority-stake-in-hairstory
