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Haircare Brand Crown Affair Lands $5 Million Series A

May 5, 2022
May 5, 2022
Crown Affair

Just two years old, haircare brand Crown Affair closed a $5 million Series A funding round led by True Beauty Ventures.

WHO: Haircare brand Crown Affair, founded by Dianna Cohen, is grounded on empowering people to redefine their relationship with their hair through accessible luxury products, guidance, and community. Launched in January 2020 with four post-wash essentials, the brand now has an assortment of 18 products available online and in-store through partnerships with beauty retailers including Sephora, Goop, and Violet Grey.

WHY: The business will use the capital to expand the brand's relationship with Sephora, and invest in product development and Crown Affair's team.

IN THEIR OWN WORDS: In February 2022, Crown Affair launched in Sephora US, marking their foray into the nationwide prestige retail market. "Since entering Sephora, we've significantly beat their initial sales, and our total revenue year-to-date has quadrupled. We are excited to continue to grow and meet our customers in-person through our strategic retail partnership with Sephora," says Dianna Cohen, Crown Affair's founder and CEO.

Cohen continued, "I'm excited for what's ahead for the business and I'm deeply passionate about what we're building. Crown Affair has a clear voice, vision, and path ahead in this growing category. Our team is focused on our core mission—to create innovative, clean, and effective formulas and handcrafted tools to transform not only the health of your hair, but your relationship to it. We're thrilled to be building upon our strong foundation from the last two years with our community, partners, and award-winning products. It's really just the beginning of the movement we've created around taking your time and healthy, 'no makeup makeup' hair care."

Cristina Nuñez of True Beauty Ventures said, "We're thrilled to be doubling down with our investment in Crown Affair and lead their Series A. We've believed in their vision for this category since their launch, so it's exciting to continue to grow and build with them in this new stage of the business. They've compiled a world-class team that has been producing the highest quality of execution and are successfully building cult-status hero products alongside their community."

Gwyneth Paltrow said, "I always look to invest in companies that fill a white space in my own life. When I discovered Crown Affair, I was quick to incorporate it into my daily ritual and I rushed to start carrying it on Goop. I'm a staunch proponent of what Dianna and the brand are building, and can't wait to see what's on the horizon for this world class team."

"Crown Affair quickly became a leader in the beauty space with its clean formulas and effective tools that redefined what it meant to have a haircare routine," shared Jaclyn Johnson, co-founder of New Money Ventures. "We are thrilled to support the brand as it grows into its next chapter and continues to leave an indelible mark on the industry."

DETAILS:

  • Crown Affair closed a $5 million Series A funding round led by True Beauty Ventures with participation by Gwyneth Paltrow, Brad Murray (Westrie Ventures, co-founder of Tatcha), Jaclyn Johnson (New Money Ventures), Sidekick Partners, Montage Ventures, and Stage 1 Fund.
  • WWD reported that industry experts expect the brand to reach $10 million in revenue this year.
  • In January 2020, Crown Affair raised $1.7 million in seed funding led by Brand Foundry with participation by Thirdlove's Heidi Zak, Create & Cultivate's Jaclyn Johnson, Brian Spaly of Bonobos and TrunkClub, and Shiza Shahid of Malala Fund and OurPlace.
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