Total amount raised
$35M
Latest funding date
2022-05-30
Location
Nutrafol has successfully raised funds through two significant funding rounds, with the latest being a Series B round. The company has attracted investment from notable investors, including Unilever Ventures and L Catterton.
What Is Nutrafol?
Nutrafol is a nutraceutical manufacturer based in New York, New York, United States. The company specializes in formulating natural, drug-free products aimed at improving hair health. It operates across multiple industries, including Biotechnology, Consumer Goods, Health Care, Nutraceutical, and Wellness.
With an employee count ranging from 251 to 500, Nutrafol has established itself as a leader in the hair growth supplement industry. The brand is recognized as the #1 dermatologist-recommended hair growth supplement and is known for its science-backed, whole-body approach to hair wellness. In July 2022, Unilever acquired a majority stake in Nutrafol, and the brand has since doubled in turnover, with revenue approaching $1 billion.
How Much Funding Has Nutrafol Raised?
- Seed Round
- Amount Raised: Approximately USD 2,505,685
- Date: September 2016
- Lead Investors: Not publicly disclosed; CircleUp (investment platform) facilitated early investment introductions
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund initial product development and market entry in the nutraceutical hair wellness segment.
- Series A
- Amount Raised: Approximately USD 7,410,280
- Date: May 2017
- Lead Investors: Unilever Ventures (after introduction via investment platform CircleUp)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support scientific research, product development, and initial scale-up in the nutraceutical market.
- Series B
- Amount Raised: USD 35,000,000
- Date: April 2019
- Lead Investors: L Catterton (Growth Fund), with participation from returning investor Unilever Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale personalized hair health systems, deepen scientific research, and expand brand marketing efforts.
- Corporate Majority Acquisition (Series Unknown)
- Amount Raised: Undisclosed (Unilever paid €811 million in cash for a 67% stake; deal terms were not publicly disclosed at announcement)
- Date: May 30, 2022 (announced); July 7, 2022 (completed)
- Lead Investors: Unilever (acquirer of majority stake)
- Valuation at Round: Approximately €968 million total enterprise value implied by transaction (per SEC filing)
- Motivation Behind the Round: Unilever acquired majority control to accelerate Nutrafol's global expansion as part of its Compass Strategy for high-growth health and wellness brands.
Total Amount Raised: At least USD 35,000,000 based on disclosed venture funding rounds (Seed and Series A amounts per Tracxn estimates; Series B confirmed at $35M). The 2022 Unilever majority acquisition involved a cash payment of €811M (~USD 850M+), but this represents an acquisition rather than a traditional funding round. Current Valuation: Approximately $3.5 billion as of 2026 (per Forbes).
Key Investors
- L Catterton
- Details: L Catterton is a leading global consumer-focused private equity firm. They led the Series B financing round of $35 million in April 2019.
- Investment Focus Areas: Consumer brands, high-growth potential companies.
- Notable Investments: Peloton, Restoration Hardware, The Honest Company.
- Unilever Ventures
- Details: Unilever Ventures is the venture capital and private equity arm of Unilever. They led Nutrafol's Series A in 2017 and participated in the Series B in 2019. Unilever later acquired a majority stake in Nutrafol in 2022, with the brand now fully part of the Unilever portfolio.
- Investment Focus Areas: Consumer goods, innovative companies, sectors aligning with Unilever's business areas.
- Notable Investments: Dollar Shave Club, Olly, The Laundress.
- CircleUp
- Details: CircleUp is an investment platform that facilitated early connections between Nutrafol and institutional investors, including introducing Nutrafol to Unilever Ventures ahead of the Series A round.
- Investment Focus Areas: Consumer brands, early-stage companies.
- Notable Investments: Various consumer goods and CPG brands.
What's Next for Nutrafol?
Nutrafol stands at the cusp of significant growth opportunities. With a recent $35 million Series B funding, the company is poised to scale its personalized hair health system, engage in scientific research, and expand its brand marketing. The introduction of new targeted boosters for hair health, addressing issues like menopause and stress, highlights the company's commitment to personalized wellness solutions.
Future fundraising opportunities seem promising, given the strong backing from investors like L Catterton and Unilever Ventures. This financial support could pave the way for further expansion and innovation in the nutraceutical market. However, Nutrafol may face challenges in ensuring the efficacy and safety of its natural products through extensive scientific research and competing with established brands in the market.
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