Austin, TX-based online fragrance brand Phlur, held the first closing of a $6MM Series A funding and is being led by Symrise. This is the first-ever investment in a fragrance brand.

WHO: Launched in 2016 by Eric Korman, founder and CEO, Phlur is a fragrance brand offering an online discovery experience, paired with a novel at-home sampling program, in order to let customers find fragrances. Each scent is crafted with non-toxic, sustainably sourced ingredients and specifically avoids parabens, phthalates, BHT, and other preservatives. For each 50mL full bottle sold, the brand donates $5 to the International Union for the Conservation of Nature (IUCN). Since inception, the brand’s donations have enabled the IUCN to research over 50 brand-new species of plants and trees around the world.

WHY: The new funding will allow the company to continue aggressively scaling its business, diversifying its marketing activities, launching new distribution channels, and extending into body care.

IN THEIR OWN WORDS: “The moment Eric shared his concept for Phlur with us almost three years ago, we knew it was a category disrupter in a market which has seen no real innovation over at least the last decade,” said Symrise global president of scent and care—and soon-to-be Phlur board member—Achim Daub. “As one of the world’s premier fragrance suppliers, our ambition is to embrace new opportunities arising from the digital revolution and through that help shape the markets of tomorrow. Phlur is a great investment as well as an amazing platform for learning, and we are thrilled at the opportunity to help continue the brand’s growth.”

“We’ve been incredibly fortunate to work with Symrise and its team of world-renowned perfumers since our inception. We’re thrilled to be taking this next step in our relationship with Symrise, one that provides further alignment and validation of our model, as well as the capital investment to continue on the aggressive path we’ve laid out,” says Eric Korman, founder and CEO of Phlur.

DETAILS:

• Final closing of the round will bring Phlur’s funding to date to a total of $12 million.
• Phlur is Symrise’s first-ever investment in a fragrance brand.
• Last year, Phlur quintupled its revenue and acquired more than 35,000 customers, along with introducing a line of premium scented candles.
• Last June, Next Coast Ventures, an Austin-based venture capital firm, led the $1.45 million raise along with new investors to the business Roger Farah, former co-Chief Executive Officer of Tory Burch and former Vice Chairman, President, and Chief Operating Officer of Ralph Lauren; Joey Levin, CEO of media firm IAC; and Cotter Cunningham, CEO of RetailMeNot.
• August 2016, Phlur closed on a $1.8 million convertible debt raise, comprised of a continuation of commitments from existing investors who participated in its seed round.
• June 2015 seed round of $2.7 million.
• In conjunction with the funding, Achim Daub, Symrise Global President of Scent & Care, will join Phlur’s board of directors alongside Tom Ball, co-founder and Managing Director of Next Coast Ventures, and Jennifer Olsen, the interim CMO of UNTUCKit.