In the summer of 2018, over a casual beer in London, Will Kennedy and Adrian Gilbane, both hailing from Ireland and experiencing the onset of male hair loss, discussed their shared frustration after coincidentally visiting the same hair restoration clinic. What began as a conversation turned into a mission, driven by their combined expertise – Kennedy’s background in building brands and international market expansion and Gilbane’s scientific knowledge with a degree in pharmacology and a doctorate in the field.
Their collaboration resulted in the birth of Sons, a hair-loss treatment company that secured €6.75 million in funding in November, a blend of equity and debt aimed at expanding its operations across Europe.
Backing the duo are experienced investors, with Robert Power, a key figure in Cornmarket’s acquisition by Irish Life & Permanent, serving as Sons’ chairman. Sons’ initial steps included a €1 million seed round, attracting investors such as Dr. Ray Stafford and Diarmuid Burke, known for their roles in consumer healthcare and pharmaceutical ventures.
Sons entered the market in 2020, initially focusing on the UK. Achieving a monthly recurring revenue of over £200,000 within a year validated their subscription-based model. Building on this success, Sons obtained licenses for Ireland and Germany in 2022.
The company recently raised €6.75 million in equity and debt, a significant step towards transitioning from a startup to a scale-up. Sons’ entry into the German market in September has shown promising results, with about 65 new customers daily. The funds raised will be pivotal in establishing a robust platform and facilitating marketing efforts in Germany.
With a focus on the 20 to 40 age group, Sons aims to address a significant market gap, estimating up to 3 million potential customers in Ireland and Britain. Sons’ differentiation lies in clinically proven products, catering primarily to mild to moderate hair loss cases. Their unique selling proposition includes a subscription package that combines various treatments for enhanced efficacy.
Sons, led by Gilbane’s scientific background, ensures products have clinical backing, distinguishing it from competitors making unsubstantiated claims. The company offers prescription-only and pharmacy-only products, holding licenses for retail in Ireland, the UK, and Germany.
Utilizing a technology platform for product delivery, Sons employs a digital-first model in the UK and Germany, leveraging Amazon and traditional retail partnerships like Boots in Ireland. Television advertising, social media, influencers, SEO, and recommendations form the core of their brand awareness strategy.
Looking ahead, Sons envisions becoming a leader in each market it enters, targeting five European markets within three years and eyeing a revenue exceeding €100 million. Kennedy acknowledges the possibility of future funding rounds, emphasizing their runway to €20 million in sales. The company also anticipates exploring partnerships with pharmaceutical or strategic investors to accelerate its entry into additional markets.
Steve Cordiner, with a background in private equity, joins Sons as a non-executive director, contributing valuable insights. Beyond business, Kennedy and Gilbane emphasize the mental health aspect of their venture, aiming to provide both scientific solutions and support for those grappling with the psychological impact of hair loss.
