Prose, a technology-powered personalized haircare company, today announced the closing of an $18 million Series B financing round led by Insight Venture Partners with participation from existing investors Forerunner Ventures, ISAI, Lerer Hippeau Ventures, and Correlation Ventures, bringing its total funding to $25 million.
WHO: Founded in 2017 by former L’Oréal executives Catherine Taurin, Arnaud Plas, Nicolas Mussat, and Paul Michaux, Prose is a collaborative beauty brand, powered by artificial intelligence. The brand offers consumers freshly made products to meet their unique hair and scalp needs. Consumers take a holistic consultation about their hair type and texture, lifestyle habits, environmental exposure (pollution, UV, humidity, hard water, and wind) and even diet and stress levels. Each custom formula also accounts for personal preferences, whether they are vegan, gluten, or opt for fragrance-free, and is made-to-order in their NYC lab.
WHY: To support the company’s rapid growth, Prose is developing an automated customization infrastructure to be deployed mid-2019 in the company’s newest facility, which opened in Brooklyn, New York, three months ago. This new proprietary manufacturing system will have the capacity to customize up to 10,000 products per day.
IN THEIR OWN WORDS: “While we embrace the latest in modern technology, our mission at Prose is deeply rooted in the history of beauty and its one-to-one approach to making products,” says co-founder & CEO Arnaud Plas. “The traditional FMCG model, based on consumer segmentation and upfront mass production is coming to an end. It generates frustration for customers and waste for the planet. What we’re building is a modern beauty company for the new generation.”
“Not only is Prose leading the charge in disrupting the industry, but by creating a fully-integrated software and supply chain infrastructure rooted on 1st party data, they are building a defensible model that will ensure they are always one step ahead,” says Nicolas Wittenborn, Principal at Insight Venture Partners, who will join Prose’s board of directors. “We look forward to working with Prose to further increase their brand awareness and loyalty in the hair care market.”
“Prose is paving the way for change in the beauty industry with micro-personalization, and when you look at their growth and success over the past 12 months, it’s clear that consumers were ready for that change,” says Kirsten Green, Board Director and Founding Partner at Forerunner Ventures.
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