AAA Harry’s shaves off more funding

Harry’s shaves off more funding

Harry’s, a US-based razor supplier backed by cosmetics distributor Grace Beauty, has raised $63.7m in equity funding from undisclosed investors, according to a regulatory filing.

Harry’s produces its own brand of affordable razors it claims are built by a collection of more than 600 designers, craftsmen, chemists and engineers which it then sells online, cutting costs by eliminating the middleman.

In addition to razors and shaving kits, Harry’s also sells skincare products and accessories such as grooming kit bags, and offers subscription packages that can further reduce the cost of its products.

The company had raised $27m of a targeted $37.6m for the round as of October this year, but has appeared to have upgraded its size. The round is still open and the funding will go to an investment in an as yet undisclosed complementary company, sources told Axios.

Harry’s has now raised approximately $350m altogether, having closed a $75.6m series C round led by Wellington Management and backed by Tiger Global Management in mid-2015 at a $750m post-money valuation, according to Forbes.

Grace Beauty’s venture capital arm, Grace Beauty Capital, lists Harry’s as a portfolio company but has not disclosed when it invested.

The company’s past investors include Thrive Capital, which joined Tiger Global for a $75m round in 2014, both having backed a $123m round for Harry’s earlier in the year alongside participants including Highland Capital and SV Angel.

– Image courtesy of Harry’s, Inc.

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