Unilever invests further in Straand haircare

Australian scalp care brand Straand wants to accelerate international growth so has raised a further A$2.6 million from Unilever Ventures and first-time beauty financier Harvey Family Office in a new funding round.

The capital brings the 18-month-old brand’s fundraising total to A$4.6 million having earlier raised A$2 million from Unilever Ventures, the venture arm of the beauty and wellness giant.

Straand co-founder Sarah Hamilton told The Australian Financial Review that the calibre of investors “shows there’s confidence in this space and the brand”. 

She added: “A lot of what we’ve spent the initial money on is creating a brand that allows people to not have a taboo around scalp issues. It shows to me that there’s massive interest still in beauty… and massive interest in brands that are getting early-stage support from retail.
 
In 2024, Straand’s goal is to triple revenues with a five-year aim to surpass A$25 million in sales.

On the retail front, Straand has secured a deal with Sephora that will place it in more than 70 of the LVMH-owned beauty retailer’s stores across Australia, Southeast Asia and the UK.

Straand recently expanded to the US via deals with retailers Urban Outfitters, Anthropologie, Free People and Amazon. The brand is available at Adore Beauty in Australia and cross-border e-commerce in China as well with the Middle East another target market.

Straand launched with four wet products (shampoo, conditioner, scalp serum and scrub, priced from A$19-A$24) and has seen sales doubling this year, with the US specifically up 130% month-on-month. 

Rachel Harris, partner at Unilever Ventures, added “Dandruff and broader scalp concerns are a significant and much maligned condition globally. We have been working with the Straand team now for over 12 months and are excited at the continued prospect of growth.”