Unilever is making an investment in the on-demand space, announcing today that it has purchased Dollar Shave Club for reportedly $1 billion. While specific financial terms of the deal were not disclosed, it's been said that Dollar Shave Club chief executive Michael Dubin will remain in his position.
First reported by Fortune, the new relationship with Unilever is expected to bring a “unique male grooming perspective” into a company that perhaps longs for a bit of innovation. Dollar Shave Club now counts 3.2 million members and in 2015 counted a turnover of $152 million and expects this year to close at $200 million.
Launched in March 2012, Dollar Shave Club emerged onto the scene with a simple proposition and a very viral video on YouTube. The company specializes in providing high-quality razors for just a few dollars a month. Eventually the company branched out into other areas relating to the bathroom including body wash, skin protection, lip balm, shave butter, and durable butt wipes. As Dubin once told me, “We want to service the face, ass, and everything in-between.”
This acquisition is also a big win for Science, a early investor and an incubator firm based in Los Angeles. So far, the company has scored several exits including Dollar Shave Club. It played a part in HelloSociety which was picked up by The New York Times, and also Playhaven which was bought by RockYou.
Other investors in Dollar Shave Club include Kleiner Perkins Caufield & Byers, Felicis Ventures, Comcast Ventures, Cowboy Ventures, Airbnb, Andreesseen Horowitz, Battery Ventures, Shasta Ventures, Technology Crossover Ventures, and Venrock. David Pakman from Venrock shared that this acquisition represented a 10x return on his firm's investment in Dollar Shave Club.
To date, Dubin's company raised more than $163 million in venture funding.
The deal is expected to close some time in the third quarter.
This is developing. Please refresh for updates.
Unilever buys on-demand toiletry service Dollar Shave Club for reportedly $1 billion
from Social – VentureBeat http://ift.tt/29Sulvx
via
No comments:
Post a Comment