Dollar Shave Club, the US-based grooming product subscription service backed by cable and telecommunications service Comcast, has raised $75m in series D funding, Re/Code reported yesterday.
Technology Crossover Ventures led the round, which valued Dollar Shave Club at $615m according to the Wall Street Journal, which cited people familiar with the matter. Venrock, Forerunner Ventures and Dragoneer also participated in the round, as did an undisclosed strategic investor.
Dollar Shave Club offers a service through which subscribers can regularly receive razor blades through the mail. It is also expanding into additional men’s grooming products such as shaving cream and hair gel.
Michael Dubin, chief executive of Dollar Shave Club, told the WSJ the cash would be used to expand the company’s 120-strong workforce, while additional funds will go to marketing. It recorded $64m in revenue in 2014 and has projected $140m this year, though it is not yet profitable.
The series D round took Dollar Shave Club’s funding to approximately $149m since it was founded in 2011. Comcast Ventures, Comcast’s corporate venturing unit, participated in its $16.2m series B round, which closed in June 2014, alongside Venrock, New World Ventures and Battery Ventures.
Past investors in Dollar Shave Club also include Kleiner Perkins Caufield & Byers, Forerunner Ventures, Andreessen Horowitz, Shasta Ventures and Felicis Ventures.