Dollar Shave Club has raised $12 million in Series B funding. Following this round of funding, Dollar Shave Club will be expanding their portfolio to men’s grooming and skincare products, mostly under $20 over the next year. This round of funding was led by Venrock, Comcast Ventures, New World Investors, and Battery Ventures.
“This funding is important to Dollar Shave Club’s future plans to own the bathroom,” stated Dollar Shave Club CEO Michael Dubin in an interview with Fast Company. “We see a huge opportunity in the exploding, multibillion dollar men’s grooming and skincare market to provide high-quality products that are affordable and appealing to our members. And given our direct relationship to our 330,000 and growing members, we want to improve and maximize that.”
Dollar Shave Club started off as a razor subscription service. Now they are selling shaving cream and flushable wipes called One Wipe Charlies. Around 10% of Dollar Shave Club’s razor subscribers have added new grooming products to their line-up. Dollar Shave Club will be using the funding to leverage their data in order to offer recommendations for consumers.