Iris Ventures invests €6 million in Olistic, which treats hair loss – WWD
Summary
LONDON In its quest to support targeted consumer brands, Iris Ventures has invested 6 million in Olistic, a science-based nutraceutical brand that addresses hair loss and the lifestyle factors that contribute to it.Iris, who led the Series A funding round at the Barcelona-based company, said she invested because Olistic broke with the mold and created best-in-class, vegan, all-natural products that are backed by science, both for Men as well as women, a category often ignored by competing brands.Iris noted that the hair growth industry is worth billions of dollars, and is still dominated by prescription and traditional synthetic solutions, with little to no customer feedback and relationships.Olistic sells its products in Spain and Portugal through its website and top pharmacies and hospitals. The brands co-founders said the investment will be used for further research, scaling the product line and expansion in the UK and continental Europe, particularly France, Italy and Germany.Montse Suarez, Founder and Managing Partner of Iris Ventures, said that as healthcare is at the forefront of consumer consciousness, Olistic has the potential to become a major wellness player that addresses the needs of the modern consumer. The convergence of beauty and wellness is a fact and issues like hair loss in women have been overlooked for too long, creating an opportunity for investment.In\xe9s Ures, Partner at Iris Ventures, said the fund was impressed with Olistics initial success and positive client feedback and noted that it had performed equally well across online and offline channels.The product was an instant hit and was enthusiastically received by industry, including leading dermatologists and pharmacists, added Ures.Haircare is one of the hottest product categories in the beauty industry today, with investors focusing on wellness and nutrition.The investment in Olistic comes months after Unilever signed an agreement to acquire a majority stake in Nutrafol, a maker of wellness products and the top dermatologist-recommended hair growth brand in the US for hair health for women and men of all ages.Olistic sees itself as a 360-degree health and wellness brand, advising clients and helping them address the myriad factors that can contribute to hair loss, such as diet, stress, menopause and aging.Its co-founders are Pedro Luis Gonzalez Atienza, global director of innovation and product planning at Almirall, one of the leading derma-pharma companies in Europe, and Pablo Nueno, former consultant at digital strategy company ABN Metrics and e-commerce expert.After five years of research and clinical trials, Olistic launched in January 2021. Olistic said the innovative liquid formulation, which it has been working on for more than five years, guarantees maximum absorption and effectiveness.The company says it has 100,000 customers and has been recommended by more than 300 pharmacists and dermatologists.According to Nueno, whose title is chief executive officer, an estimated 40 percent of men experience hair loss by age 35, with that number rising to 70 percent by age 80. Now that Olistic has developed its proprietary formulations, it plans to scale up and add hair growth products, then quickly move into skin, nails, and anti-aging categories over the next few years.Gonz\xe1lez Atienza added that Olistics products are the result of 20 years in the pharmaceutical industry and said he was particularly proud of the brands liquid formulation, which took a long time to develop but which guarantees maximum absorption.Iris Ventures describes itself as a growth equity fund targeting European and US purpose-driven, consumer-centric brands and technology-enabled solutions that make life healthier, happier and easier.It is represented in Barcelona, London and New York.Earlier this year, the fund invested in Allyson Felixs shoe brand Saysh and Artemest, a curated platform that sells furniture, lighting, kitchen and homeware made by Italian artisans.