Prose has successfully raised $25 million over three funding rounds, establishing itself as a notable player in the personalized haircare industry. The company offers custom-made haircare products tailored to individual needs through an innovative online consultation process.
Keep reading to delve into the details of Prose's fundraising journey and the investors who believe in their vision for inclusive and personalized haircare solutions.
What Is Prose?
Prose, founded by Paul Michaux, Nicolas Mussat, Catherine Taurin, and Arnaud Plas, is the first personalized haircare company. Established in New York City, Prose creates custom hair care products tailored to individual needs using natural ingredients and proprietary algorithms.
With locations in New York City and Paris, Prose operates in the B2C market, focusing on e-commerce and beauty. The company has grown significantly, employing between 51 and 200 people.
Prose's innovative approach involves an online consultation to determine individual hair needs, ensuring each product is made-to-order in their lab. This commitment to personalization and quality has positioned Prose as a leader in the haircare industry.
How Much Funding Has Prose Raised?
- Seed Round
- Amount Raised: $1,800,000
- Date: August 2017
- Lead Investors: ISAI, Maveron, Red Sea Ventures, Lerer Hippeau
- Motivation Behind the Round: To kick off its launch and fund research and development.
- Series A
- Amount Raised: $5,200,000
- Date: November 2017
- Lead Investors: Forerunner Ventures, Correlation Ventures, ISAI, Maveron, Red Sea Ventures, Lerer Hippeau
- Motivation Behind the Round: To expand its product line and scale its operations.
- Series B
- Amount Raised: $18,000,000
- Date: November 2018
- Motivation Behind the Round: To enhance its technology and improve customer experience.
Total Amount Raised: $25,000,000
Current Valuation: $100,000,000 (~estimated)
Key Investors
- Forerunner Ventures
- Details: Forerunner Ventures is a venture capital firm known for investing in early-stage companies. They led the $5.2 million funding round for Prose.
- Investment Focus Areas: E-commerce, consumer brands, technology.
- Notable Investments: Glossier, Warby Parker, Dollar Shave Club.
- Correlation Ventures
- Details: Correlation Ventures is a data-driven venture capital firm that uses analytics to make investment decisions. They participated in the $5.2 million funding round for Prose.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Casper, Blue Apron, Lyft.
- Lerer Hippeau Ventures
- Details: Lerer Hippeau Ventures is a New York-based venture capital firm that invests in early-stage companies. They are an existing investor in Prose.
- Investment Focus Areas: Media, e-commerce, technology.
- Notable Investments: BuzzFeed, Allbirds, Everlane.
- Maveron
- Details: Maveron is a consumer-only venture capital firm that invests in early-stage companies. They are an existing investor in Prose.
- Investment Focus Areas: Consumer brands, e-commerce, health and wellness.
- Notable Investments: eBay, Zulily, Allbirds.
- ISAI
- Details: ISAI is a French venture capital firm that invests in early-stage and growth-stage companies. They were a lead investor in Prose's seed round.
- Investment Focus Areas: Technology, digital media, e-commerce.
- Notable Investments: BlaBlaCar, Evaneos, Tinyclues.
What's Next for Prose?
Prose stands at the cusp of a significant opportunity in the personalized haircare market. With a focus on custom formulations and partnerships with salons, the company is well-positioned to capitalize on the growing demand for personalized beauty products. The potential for expansion into new cities and enhancing their machine learning capabilities could drive substantial growth.
Future fundraising rounds seem likely as Prose continues to invest in research and development. However, challenges such as high product costs and competition from other custom haircare brands could pose hurdles. Navigating these challenges will be crucial for Prose to maintain its innovative edge and achieve long-term success.
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