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Function of Beauty Secures a $9.5 Million Series A

March 20, 2017
March 20, 2017
Function of Beauty

Function of Beauty has raised a significant amount of money for a brand that has been in the market for 15 months. The investment community is bullish on brands grounded in customization and a proprietary algorithm. This marks the third transaction this quarter for a brand based on customization.

WHO:  The Function of Beauty launched in December of 2015 with the simple mission of creating hair products that are built exclusively for a single person’s hair. The consumer enters their hair type, picks a fragrance, and chooses 5 goals. The results are put in a proprietary algorithm that works out which ingredients, and how much of those ingredients, should be used in shampoo and conditioner for each individual user. The company claims the algorithm offers up to 12 billion custom combinations.

WHY:  The company will use the new cash to continue refining the brand and product, as well as planning for international expansion and opening a flagship store in NYC.

IN THEIR OWN WORDS: Founder Zahir Dossa told TechCrunch that the company’s pop-up shop in NYC was successful in growing brand awareness. On the heels of that, Function of Beauty is looking to show consumers just how the system works, letting them take the hair quiz and watch the machinery fill the order right before their eyes.

DETAILS:

  • Function of Beauty raised $9.5 million in a Series A round led by venture capital firm GGV Capital. This brings Function of Beauty’s total funding amount to $12 million.
  • Other investors include Y Combinator, a seed-round investor, and newcomers Bessemer Venture Partners and SoGal Ventures.
  • Hans Tung, GGV’s managing partner, has become a “board observer” at Function of Beauty.
  • This round brings Function of Beauty’s total funding amount to $12 million.

Read the full story in Tech Crunch.

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