Cordless hair tool brand Lunata Beauty has successfully closed a $3 million Series A raise.
updated: Dec 21, 2020
December 21, 2020 (Newswire.com) –
Cordless hair tool brand Lunata Beauty has successfully closed a $3 million USD Series A raise. The capital was raised from Enfield Investments Holding Ltd., an international fund focused on investing in technology and helping companies to become global leaders.
Stacey Boguslavskaya and Monica Abramov founded Lunata Beauty in 2017 with a shared mission to free women from cords. Over the years, Lunata Beauty has introduced patented advancements to the hair tool industry with innovative cordless technology that competes with the likes of Dyson and Conair. Lunata Beauty’s hero products include the Cordless Convertible Curling Iron / Wand and Cordless Flat Iron Styler Plus +, which has recently been redesigned to work while charging. Both cordless tools reach an impressive 450 degrees and hold a full charge up to 40 minutes, unlike any other hot tools on the market. This year, Lunata Beauty also introduced their cost-effective collection Belisa by Lunata Beauty.
Raising capital during a worldwide pandemic was a challenge for founders Stacey and Monica, but their drive struck the interest of the fund Enfield Investments Holding Ltd, which they had spoken with at the start of their venture. “Enfield wanted to see how hard we would push and function during such a volatile time. We would update Enfield weekly on our partnerships, pivots and revenues. We were able to secure partnerships with Costco, Kohls, Indigo and more while brands and retailers were declaring bankruptcy. In addition, our direct-to-consumer sales continued to increase throughout the pandemic due to our swift shift in messaging and introducing timely product offerings, like an at-home hair cutting kit. At the end of the day the weekly updates worked and the fund decided to invest and support our mission to become a global leader in Beauty Tech,” states Boguslavskaya.
Enfield Investments Holding Ltd. realized the potential of both Lunata Beauty and a booming industry prime for advancement. Abramov shares, “The global hair care appliances market is estimated to touch a value of over $21 billion by the end of 2026. We intend to be an integral part of this growth factor and through this funding will continue to innovate and introduce patented beauty technology. We also plan to double our team, grow our direct to consumer business further and move into the UK and European markets.”
Since launch, the founders have pitched over 50 funds and have secured investment capital from Joe Mimran, founder of Club Monaco and Joe Fresh, Michael Malinsky, founder of KF Beauty and Alex Ikonn, founder of Intelligent Change. Malinsky credits their, “crystal clear mission, rapid product innovation in their sector and a laser-like clarity of the target audience and consumer,” as his motivation for investment.
Mimran shares, “I believe Stacey and Monica have a truly unique product – a cordless product that could free women from the endless tangle that traditional products never figured out. They are leading in the beauty tech space, a growing segment of the market that the Lunata brand could continue to provide groundbreaking innovations. This brand will continue to be leaders in their respective industry.”
Lunata Beauty is available in 16 retailers across North America, including Indigo Books and Music, Hudson’s Bay, Best Buy, ULTA Beauty, Costco, Target, Macy’s, Urban Outfitters, Kohl’s, TSC, QVC US and UK.
Source: Lunata Beauty