In a strategic move to reinforce its commitment to the burgeoning Australian hair care market, Unilever Ventures has doubled down on Melbourne-based brand Straand, contributing 4 million Australian dollars ($2.62 million) in a recent seed funding round. This follows Unilever Ventures’ earlier participation in a pre-seed round earlier this year. The funding round also saw the involvement of the family office of renowned Australian entrepreneur Gerry Harvey.
Launched in 2022, Straand has swiftly garnered attention for its innovative approach to hair care, specifically focusing on scalp health enhancement through products infused with prebiotics. This emphasis on scalp well-being aligns with the growing trend referred to by analysts as the “skinification” of hair care, where brands like Living Proof and The Ordinary introduce treatments to soothe and protect the scalp, mirroring the approach seen in skincare.
Straand’s success has been underscored by a significant partnership agreement, positioning its products in over 70 Sephora stores across Australia, southeast Asia, and the United Kingdom by March of the coming year. The brand has also secured a presence in the competitive U.S. market through various retailers, including Amazon.
Local reports suggest that Straand is ambitiously targeting 25 million Australian dollars in sales over the next five years. This investment injection from Unilever Ventures is poised to accelerate the brand’s growth trajectory and solidify its position in the evolving landscape of scalp-centric hair care. As consumer preferences shift towards skincare-inspired solutions for hair health, Straand appears well-positioned to capitalize on this transformative trend.
