Scalp-care company Straand has raised $4 million in funding from the Harvey Norman founders’ family office and Unilever Ventures.
Straand, which launched in July 2022, is a microbiome-focused scalp-care brand, founded by five co-founders, Jeremy Hunt, Sarah Hamilton, Tim Brown, Nick Morris and Meagan Pate.
The company, which secured $2 million in pre-seed investment from Unilever Ventures in January this year, has just raised a further $4 million from its previous investors and the family office of Harvey Norman.
Straand entered a multi-regional deal with Sephora this year, which will see its products stocked across 70 stores in Australia, the UK and South East Asia in 2024. The brand has also soft-launched in the US market with retail partners Urban Outfitters, Anthropologie and Amazon.
Straand says it’ll use this funding to support its international expansion led by Sephora – and to capture a further share of the haircare market, which is expected to be valued at US$102 billion by 2025.
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Billionaire Gerry Harvey, founder of Harvey Norman, said he was excited to support the Straand team’s venture.
“Over the past 12 months, I’ve had many brands pitch to me for investment,” he said. “My interest in Straand was based on their progression within their category and to support their upcoming multi-market contracts.”
Straand’s Pate previously told Forbes Australia that the company has “high revenue expectations”, as the intersection between wellness and beauty strengthens.
So far, the company’s product-range includes four prebiotic scalp-balancing products, but 2024 will see the company roll out new products globally.
“We are excited for this next phase of Straand’s growth,” Hamilton said. “This will help create further pathways, including back home in Australia. The strong support of partners like Unilever Ventures and Gerry who continue to believe in our values is what has and will be key to the ongoing success of our brand vision.”
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