Odele Secures $2 million in growth equity from Stride Consumer Partners

Odele Secures $2 million in growth equity from Stride Consumer Partners

Odele, a Minneapolis-based clean hair care brand, has announced a minority investment from Stride Consumer Partners LLC ("Stride"), a growth-equity investment firm. This partnership marks a significant step for Odele in its expansion journey.

Transaction Snapshot

  • Deal value: $2 million
  • Deal type: Growth equity
  • Deal date: November 16, 2023
  • Investors: Stride Consumer Partners LLC
  • Founders: Lindsay Holden, Britta Chatterjee, Shannon Kearney

Launched in January 2020, Odele was founded by Lindsay Holden, Britta Chatterjee, and Shannon Kearney. The brand aims to offer clean, prestige hair care that is accessible and approachable. Odele's products are developed by hair type and texture, adhering to EU ingredient compliance, and are cruelty-free, vegan, dermatologist and pediatrician tested. They feature a gender-neutral, 100% natural fragrance.

Now in its fourth year, Odele has achieved significant growth, with a product range of over 20 items. The brand is distributed nationally through Target, CVS Pharmacy, Ulta Beauty, and its direct-to-consumer (DTC) website, odelebeauty.com. Odele has won over 30 beauty awards and experienced a 55% year-over-year growth from 2022 to 2023.

The investment from Stride Consumer Partners is aimed at bolstering key business areas such as marketing, talent acquisition, and product innovation. Lindsay Holden, a co-founder of Odele, expressed excitement about the partnership, highlighting the alignment of visions between Odele and Stride. Britta Chatterjee, another co-founder, emphasized the brand's commitment to consumers, retail partners, and the planet.

Steve Berg, Partner at Stride Consumer Partners, praised Odele's founders for their expertise and passion, recognizing the brand's distinctive and authentic approach. Nicole Fourgoux, Stride Operating Partner, commented on Odele's potential in the clean performance hair care market.

Despite the investment, the Odele co-founders retain majority ownership. William Blair & Company, LLC and Faegre Drinker LLC served as financial and legal advisors to Odele, respectively. Raymond James and Ropes & Gray LLC provided similar services to Stride Consumer Partners.

Odele stands out in the beauty industry for its premium, inclusive hair and body care products, while Stride Consumer Partners specializes in building consumer brands in various sectors, including beauty and personal care.

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