Harry's Flirts With Unicorn Status With $750M Valuation, $75M Funding Pick Up

Harry's, a shaving subscription service a la Dollar Shave Club, has just capped a $75.6 million Series C round that brings its value to an impressive $750 million. The round, led by Wellington Partners, saw involvement from previous investor Tiger Global Management.

All in, the maker and distributor of shaving blades and products has snapped up $164.5 million in VC funding; that comes on top of $211 million in debt financing used in part to acquire the German factory where its razors are made.

The new funding will go toward growing the brand through hiring, R&D, marketing and advertising, according to the firm's co-CEO and co-founder Jeffrey Raider.

One major area of upcoming investment will be the purchase of new proprietary machines for its blade factory to help the company keep prices fairly low.

As of right now, the brand is geared largely at men, though Raider says they do intend to add products for the ladies in the not-too-distant future.

“It is a very different thing to shave your ankle or your knees than it is to shave your face,” said Raider. However, it bears noting that women don't see quite as big a difference, as many just use the male-centered products.

Harry's faces competition from the big boys in the field like Gillette and fellow startup Dollar Shave Club. DSC also raised $75 million in funding recently, but is only valued at $615 million.

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The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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