NYC-based Harry’s has just closed on a $155 million Series E funding round, as first reported by Forbes, bringing the popular grooming brand’s total valuation to $1.7 billion. The investment was co-led by Bain Capital and Macquarie Capital, and will be used primarily to expand its growing portfolio of consumer goods, with a focus on acquisitions, the company told Built In via email.
Founded in 2013 by Andy Katz-Mayfield and Jeff Raider, Harry’s started out as a men's shaving company, delivering a small selection of razors, shaving cream and other grooming products right to customers’ doors for a monthly fee. It has since blossomed into a full-blown CPG giant, with its products available in major stores like Target, Walmart and Costco.
Harry’s has also expanded beyond just razors and shaving creams. In 2018, Harry’s Labs, a new arm of Harry’s Inc., was launched to build out its line consumer products, and now sells body washes, shampoos and deodorants. It also rolled out Flamingo, a women’s body care brand; Cat Person, a cat care brand that launched about a year ago; and a new hair care line called Headquarters, which launched in January.
“Harry’s should be the platform of choice for other founders who are a couple of years behind them in their evolution,” Jeff Robinson, a managing director at Bain Capital, told Forbes. “We’re bullish on their ability not just to incubate additional products in-house, but also acquire innovative brands and bring a professionalized distribution and marketing campaign to them.”
Here to spearhead that effort is Tehmina Haider, the VP and head of Harry’s Labs, who says the company is now looking to shift its focus toward acquisitions.
“We have built a really unique platform for early stage CPG brands. Brands in the Harry’s family are able to scale rapidly by leveraging the unique capabilities of the Harry’s portfolio such as brand development, design, direct to consumer, all while staying true to what makes each brand special,” Haider said in a statement provided to Built In. “We’re excited to meet companies that share our vision for a family of disruptive CPG brands and to put this capital to work.”
In addition to creating new products and acquiring new businesses, Harry’s plans to use this fresh funding to scale its shaving business and expand its Flamingo brand internationally, having just launched in Europe last month.