US-based hair growth supplement developer Nutrafol secured $35m on Tuesday in a series B round featuring Unilever Ventures, the corporate venturing subsidiary of consumer goods manufacturer Unilever.
The round was led by private equity firm L Catterton and it comes after a series A round of undisclosed size for Nutrafol in 2017 that was led by Unilever Ventures and backed by undisclosed strategic partners.
Nutrafol produces natural supplements that are designed to improve the growth, strength, density and texture of hair.
The company offers a range of products that can be personalised to fit the requirements of each customer, addressing deficiencies and imbalances in the human body that affect hair follicle growth such as liver processing, gut health, stress or the body’s hormone levels.
The series B proceeds will fund the execution and publishing of further research that will support the improvement of Nutrafol’s product range, as well as to expand its brand marketing initiatives.
Unilever Ventures director Stephen Willson said: “Since our initial series A investment, in early 2017, Nutrafol has consistently demonstrated its ability to shift the paradigm of how consumers approach thinning hair and support their growing demand for better, healthier choices free from side effects.
“Staying true to its mission, Nutrafol’s expanded and personalised product offerings are a landmark step in its journey towards addressing critical gaps in the market today and for the foreseeable future.”