Drybar, an Irvine, Calif.-based a hair salon chain, closed $20m in funding.
The round was led by SPK Capital and existing investor Castanea Partners with participation from Drybar Board member Janet Gurwitch, founder and former chief executive officer of Laura Mercier Cosmetics, and previously executive vice president of merchandising at Neiman Marcus, and Ron Frasch, former president and chief merchandising officer at Saks Fifth Avenue and previously chief executive officer at Bergdorf Goodman. Paul Pressler, former chief executive officer at Gap Inc. and president at The Walt Disney Company, is also an investor and sits on Drybar’s board of directors.
The company, which has now raised more than $50m to date, intends to use the funds to further accelerate expansion plans.
Led by Michael Landau, co-founder and executive chairman, and Alli Webb, co-founder and chief creative officer, John Heffner, chief executive officer, Kim Natale, svp of product, Denyelle Bruno, president of retail operations and Diego Vidal, chief financial officer, Drybar currently serves more than 100,000 women each month across 37 retail locations.
It recently expanded distribution of its line of hair styling products and tools from 70 to more than 200 Sephora locations nationwide.
FinSMEs
02/07/2014