Harry’s, the US-based razor retailer backed by beauty product distributor Grace Beauty, has reportedly raised $155m in its series E round led by financial investors Bain Capital and Macquarie Capital, according to Forbes.
At a reported $1.7bn valuation for the round, this puts the retailer’s value above the price of the blocked $1.37bn acquisition by Edgewell last year as sales rose 25% to $370m.
Harry’s will use the new capital to reinforce its strengths by developing new products and making acquisitions in the direct-to-consumer market as well as strategic investments in other consumer items brands, such as its minority stake in Hims, which sells health products that treat men’s hair loss, skin and sexual dysfunction.
The E round increased the company’s overall funding to approximately $550m. In February 2018, Harry’s secured $112m in funding from investors including Singaporean state-owned investment firm Temasek,.
Private equity firm Alliance Consumer Growth also took part in the round, as did undisclosed existing investors, according to the New York Times, though CNBC identified Tiger Global Management and Wellington Management as participants.
Grace Beauty’s corporate venturing subsidiary, Grace Beauty Capital, has not revealed when it invested but lists Harry’s as a portfolio company on its website.
Harry’s raised $75.6m in a 2015 series C round led by Wellington Management that included Tiger Global, valuing it at $750m post-money according to Forbes. Thrive Capital, Highland Capital and SV Angel are also among the company’s earlier investors.
