Posted October 05, 2018 09:14:11Davines Hair Care, the leading Australian hair care brand, has raised $4.4 million in new funding in a new round led by venture capital firm Draper Fisher Jurvetson.
The funding was announced by Davines Chief Executive Officer Andrew Davines and his wife, Michelle, in a statement to Fairfax Media.
“This is the largest-ever investment in Australian hair and beauty products by Draper Fisher, who have invested in the brand since its inception in 2013,” the statement said.
“We’re confident that the company’s growing popularity and innovative products will drive further growth and a stronger foundation for Davines as a leading Australian scalp care brand.”
The investment comes as the company expands its Australian operations, which it has launched in recent months in Sydney, Brisbane and Perth.
Davices new hair care range, Davines Hairs, will include a range of products that have been designed specifically for the Australian market, including hair care treatments, conditioners and scalp treatments, as well as products specifically for women’s hair care needs.
Daveries chief executive Andrew Davies has invested in Davines haircare products since 2013.
The company is also working on a new Australian-made hair styling system that will be launched in 2018.
Dave’s CEO Andrew Davises new haircare range, Daveries Hair, will also include a variety of products to cater for women.
The Davines team at Davines have been working on the new Davines Hair products for about three years.
“The team at Daverys have been a driving force in helping us develop a more natural, natural hair and make it even more affordable,” Mr Davies said.
The hair care company has also announced it will expand its Perth operations.
It will open up its new Daverts Perth store in September 2018 and has announced it is adding more than 30 new Davies stores across the country.
The announcement follows an investment by the Davises in the Perth-based company, which is a joint venture between Davines, GK-Pty Ltd and the Australian National University.
“Daverys is the only scalp care company in Australia and its a global leader in providing scalp care products for men, women and children,” Mr David Davises said.
“Our vision is to build a global market that will allow us to deliver a high-quality, sustainable product and service to consumers.”
“Davies will become an important player in the Australian scalp business,” Mr Dave Davises added.
“Our goal is to become a global player in scalp care, and we’re excited to be working with the Davies team to help deliver that.”