Custom hair care company Prose closes on $18 million in funding
Customizable hair care company Prose has raised $18 million in a new round of Series B funding.
The round, led by Insight Venture Partners with participation from the company's existing investors Forerunner Ventures, ISAI, Lerer Hippeau Ventures and Correlation Ventures, brings Prose's total funding raised up to $25 million.
Launched in January of 2018, the company said in a press release that it has seen "double-digit growth" in recent months, and is set to continue its success with the launch of an "automated customization infrastructure" in mid-2019. The new tech will be housed in the company's three-month-old Brooklyn facility, and will "have the capacity to customize up to 10,000 products per day," allowing Prose to provide its personalized service to a larger customer base.
"While we embrace the latest in modern technology, our mission at Prose is deeply rooted in the history of beauty and its one-to-one approach to making products," says Prose co-founder and CEO Arnaud Plas. "The traditional FMCG model, based on consumer segmentation and upfront mass production is coming to an end. It generates frustration for customers and waste for the planet. What we're building is a modern beauty company for the new generation."
Using online consultations with customers, Prose said it has collected hair data from half a million consumer profiles. In the next 12 months, the company plans to invest in an in-house data science team and double its research and development department, in order to create a more precise algorithm for making impeccable product formulas.
"By creating a fully-integrated software and supply chain infrastructure rooted on 1st party data, [Prose is] building a defensible model that will ensure they are always one step ahead," says Nicolas Wittenborn, Principal at Insight Venture Partners who will join Prose's board of directors.
Prose currently offers a range of hair care products like shampoo, conditioner and a hair mask that can be altered based on factors like customer diet, stress level and workout preferences, with added options to be made gluten-free, fragrance-free and vegan.
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