Butt wipes were just the beginning.
Having raised a $12 million series B round, Dollar Shave Club announced it is expanding its portfolio to offer a dozen men’s grooming and skincare products, most under $20, in the next year. The investment 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,” CEO Michael Dubin told 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, which began as a razor subscription service, also sells shaving cream and flushable wipes called One Wipe Charlies. About 10% of subscribers add one of these products to their razor orders. In addition to introducing new grooming products to the lineup, Dollar Shave Club also intends to use the funding to leverage its existing data to provide recommendations for consumers.AT