Melbourne Hair Care Brand STRAAND Secures $4 Million Seed Funding

A Melbourne-based hair care company, STRAAND, specialising in prebiotic scalp health products, has raised $4 million in a seed funding round. The round saw participation from Unilever Ventures and Harvey Norman founder Gerry Harvey's family office.

Transaction Snapshot

  • Deal Value: $4 million
  • Deal Type: Seed funding round
  • Deal Date: N/A
  • Investors: Unilever Ventures, Harvey Family Office
  • Founders: Jeremy Hunt, Sarah Hamilton, Tim Brown, Nick Morris, Meagan Pate

STRAAND, established in 2022, is recognised for its commitment to cruelty-free products, free from parabens, sulphates, and silicones. The brand's recent growth includes a deal with Sephora, planning to stock STRAAND products in over 70 stores across Australia, the UK, and South East Asia by early next year. Additionally, the brand has initiated a soft launch in the US, appearing in retailers such as Urban Outfitters, Anthropologie, and Amazon.

Sarah Hamilton, one of the founders, expressed excitement about the brand's growth trajectory, highlighting the importance of their partners' continued support in achieving their global brand vision.

The funding will facilitate STRAAND's expansion into global markets, including reinforcing its presence in Australia. The brand's product range includes four prebiotic-based items – serum, shampoo, conditioner, and scrub – along with accessories such as a scalp brush and microfibre hair towel.

STRAAND's innovative approach aims to offer an alternative to traditional chemical-laden hair care products, addressing common scalp issues like dandruff. Market research by Grand View Research projects the hair care market to reach approximately US$102 billion (AUD$154 billion) by 2025.

Rachel Harris, a partner at Unilever Ventures, mentioned the potential for growth in the partnership with STRAAND, having collaborated for over a year. Unilever Ventures, a returning investor from a previous $2 million pre-seed round, is joined by the Harvey Family Office in this funding round.

Gerry Harvey, founder of Harvey Family Office, expressed his enthusiasm for STRAAND, citing the brand's market progression and upcoming multi-market contracts as key investment drivers.

STRAAND is gearing up to launch new products globally in 2024, marking a significant step in their expansion strategy.

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