NEW YORK, April 2, 2019 /PRNewswire/ -- Nutrafol, the leading nutraceutical brand clinically shown to improve hair growth performance with 100% drug-free, natural ingredients, today announced a $35 million Series B financing led by the Growth Fund of L Catterton, the largest and most global consumer-focused private equity firm, with participation from existing investor, Unilever Ventures.
Launched in 2016, Nutrafol takes an integrative approach to hair wellness pioneered in nutraceutical science with natural formulations that address various hormonal, environmental, and hereditary causes that compromise hair health. Supported by a clinical study shown to improve hair growth and quality, Nutrafol has become widely recognized as a next-generation hair wellness product in the U.S. Since its inception, Nutrafol has been adopted by more than 1,300 physicians, clinics and stylists across the country, grown revenues by 3x year-over-year, and received numerous prestigious accolades, including Allure's "Best of Beauty Breakthrough" award in 2018.
With the latest funding, Nutrafol will further scale its personalized system, featuring new targeted boosters for hair health, which address deficiencies and imbalances including menopause, stress and gut health. The investment will also allow Nutrafol to further engage the scientific community to conduct and publish extensive research supporting the enhanced efficacy and benefits of its natural products and solutions. Furthermore, the funds will allow Nutrafol to continue its mission of education, growth and wellness, by expanding and amplifying its brand marketing, positioning and messaging to help a broader audience of people better understand their hair growth options and take control of their hair health.
"As Founders, our vision for Nutrafol — born out of personal experience — has always been ambitious, yet simple: to foster a holistic philosophy of hair wellness and promote the idea of hair growth, not loss, to those who experience hair concerns," said Nutrafol Co-founder and CEO Giorgos Tsetis. "We are thrilled that L Catterton is leading our latest investment round. With L Catterton's partnership and the support of our existing investors, including Unilever Ventures, we will continue realizing our vision by expanding our global brand, innovating and scaling our portfolio of personalized solutions, and amplifying our position as pioneers in the market."
"Our team is proud to partner with a leading brand that is transforming the unique hair wellness category," said Chris Roberts, Partner, L Catterton Growth Fund. "At a time when incumbents in the space are marketing existing solutions, Nutrafol is pursuing a radically different way of thinking to achieve its vision and drive innovation in the hair and beauty industry. Utilizing new scientific research, Nutrafol is driving the conversation on an integrative approach and has tremendous promise to change the way consumers think about hair health. We look forward to working alongside the strong management team to scale the company and realize the full potential of the brand."
"Since our initial Series A investment, in early 2017, Nutrafol has consistently demonstrated its ability to shift the paradigm of how consumers approach thinning hair and support their growing demand for better, healthier choices free from side effects," said Stephen Willson, Director, Unilever Ventures. "Staying true to its mission, Nutrafol's expanded and personalized product offerings are a landmark step in its journey towards addressing critical gaps in the market today and for the foreseeable future."
Working with a team of leading physicians, researchers and world-acclaimed scientific advisors, Nutrafol analyzed two years of diverse customer data, comprehensive scientific research and results from thousands of hair mineral analysis tests with consumers, to launch the first innovation of its kind – a personalized approach to hair growth. Leveraging detailed information provided by a customer, the GrowthPlan® encompasses proprietary assessment tools, including an algorithmic Hair Wellness Evaluation, Hair Mineral Analysis with ICP Mass Spectrometry, and one-on-one consultations with trained hair wellness specialists to address each customer's hair journey. These tools allow Nutrafol to identify root causes of individual's compromised hair health and build a customized GrowthPlan® of select product recommendations, unique to each customer's needs. Together, these innovations create a unified and personalized hair growth roadmap and provide comprehensive solutions to achieving optimal hair health in men and women.
To support its process and assessment innovations, Nutrafol also continues to enhance and innovate its product portfolio. Building on the currently available formulations, Nutrafol recently introduced seven new Targeted Boosters comprised of medical-grade natural ingredients designed to support specific imbalances in internal systems that are linked to hair wellness and are unique to each individual.
*These statements have not been evaluated by the Food and Drug Administration. The products are not intended to diagnose, treat, cure, or prevent any disease.
Nutrafol offers an integrative approach firmly rooted in pioneering nutraceutical science—with 100% drug-free, highly-concentrated natural products clinically shown to improve hair growth performance. How? By creating personalized systems that multi-target the various hormonal, environmental and hereditary causes that can compromise hair health.
Nutrafol's team of doctors and researchers seek out scientific advancements at the forefront of genetics, biotechnology, and anti-aging medicine to create the next generation of hair health innovation. The goal is always to optimize the balance between performance and safety with a system-wide, whole body approach that focuses on the individual. For more information about Nutrafol, please visit nutrafol.com.
Nutrafol. Keep growing.
About L Catterton
With over $15 billion of equity capital across six fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm. L Catterton's team of more than 150 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH and Groupe Arnault. For more information about L Catterton, please visit lcatterton.com.
About Unilever Ventures
Unilever Ventures is the venture capital and private equity arm of Unilever. They invest in early stage, promising companies, accelerating growth by providing access to Unilever's global ecosystem, assets and expertise. The fund looks to invest in tomorrow's world-beaters in Personal Care, eCommerce and Digital Transformation. For further information, please visit: www.unileverventures.com.
CONTACT: Eri Mizobe, Nutrafol@astrskpr.com