Patricks, an Australian men's grooming brand, has secured a substantial investment from Shiseido's venture arm. It is the inaugural investment made from the Long-Term Investments for the Future (LIFT) Ventures fund, a vehicle for investing in high-growth companies within the beauty and wellness space.

WHO: Patricks was founded in 2014 by former luxury men's salon owner Patrick Kidd, and his wife, Aimee, a former lawyer. Owning an award-winning barber shop for many years, they were disappointed by the range of products available at the time and thought, "We can do better than this." The result is a luxury skin and haircare brand for men that consciously combines performance, design, and sustainability. Patricks is stocked at Harrods, Selfridges, Bergdorf Goodman, Nordstrom, Saks, and Harrolds.

Shiseido LIFT Ventures is a newly formed vehicle for investing in innovative early-stage companies within the beauty wellness space. LIFT Ventures is focused on investing in novel technologies, innovative platforms, high-growth brands, and new business models, among others. The fund will primarily focus on compelling innovation in the Western Hemisphere, while maintaining a global lens. 

IN THEIR OWN WORDS: "This is a smaller investment for Shiseido; they usually buy businesses outright," Kidd told the Financial Review. "But we created a new category. I love the Japanese attention to detail and design, and the guidance for Aimee and I [is important] as we have never run a $50 million business. They can open those Asian markets as well for us."

Shiseido Americas' President Ron Gee said the investment from LIFT Ventures would accelerate the company's focus on innovation. "We are excited to share our unique perspective, exercise our extensive experience, forging strategic partnerships and helping like-minded entrepreneurs scale and achieve long-term growth," Gee said. "With this in mind, we are delighted to partner with Phyla and Patricks, two companies focused on driving innovation and disrupting their respective categories."

WHY: The new capital will fuel the next growth phase, expanding into overseas markets and product development.

DETAILS:

• Patricks secured a substantial investment from Shiseido's venture arm LIFT, the Long-Term Investments for the Future Ventures fund.
• Sales hit $5 million last year, an increase of 181%, while sales between 2020 and 2022 rose at an annual rate of 123%.
• Patricks previously raised $250,000 at a $2.5 million valuation to fund the launch. It raised $500,000 at a $5 million valuation to help fund production, and later raised $2 million at a $12.5 million valuation to fund operations.