When Giorgos Tsetis and his partners set out to launch Nutrafol in 2016, they aimed to change the conversation around hair care — instead, they wanted to talk about “hair wellness.”
The hair care industry has often invoked the possibility of going bald or losing hair to sell its products, but those products aren't always effective and can come with side effects. Fear dominated the conversation. Nutrafol is trying to shift the focus to “hair wellness” instead, with tools aimed to make hair healthier and stave off hair loss. They want hair health to be treated like skincare regimens — a regular part of a person's wellness routine.
The company received a boost to those efforts on Tuesday, announcing a $35 million Series B. The funding round was led by the Growth of Fund of L Catterton, and existing investor, Unilever Ventures.
“To close a Series B round is pretty huge,” said Tsetis, who is also Nutrafol’s CEO. “The fact that such a prestige fund has invested in us is the confirmation of the potential in really changing this conversation. What inspires us as people and as founders is really changing the whole growth concept.”
The company plans to use the round to expand its personalized growth system, work with scientists to conduct and publish research on the efficacy of its products and expand its brand messaging. To that end, Tsetis said they plan to move to a new office next month and grow their 60 person team, with a particular emphasis on adding more doctors to help with personalized research for customers.
“This is an emotional purchase for a lot of people,” Tsetis said. “Whether it’s an anti-aging strategy, a preventative strategy or restoring strategy. We have doctors speaking with people everyday.”
Founded in 2016, Nutrafol works with physicians and scientific advisers to analyze hair minerals and customer data. What they discovered is that hair health can be affected by hormonal imbalances, stress, gut health and more.
To address that, the company developed an algorithmic hair wellness evaluation to help each customer identify the root causes for their thinning or fraying locks. They then provide a drug-free personalized solution made from natural ingredients.
The company earned Allure’s “Best of Beauty Breakthrough” award in 2018 and has grown its revenues threefold year over year.
