Ayurvedic hair care brand Champo has received US$1.2m in pre-series A funding. The London, UK-based label, which specialises in high-performance, natural products, said it will use the money to support channel expansion, international roll out and new product development.
Backing the Harrods-stocked business are an investment fund backed by the European Investment Back and an unspecified number of private, or ‘angel’ investors, including former Deloitte partner Steve Brandon.
“The global hair care market is at a really exciting and pivotal point in time,” commented Kuldeep Knox, founder and CEO of Champo.
“People are willing to pay more for superior products and expect different things from their shampoo than they did five years ago. They want a product which is intelligent, aesthetically pleasing and uses high quality natural ingredients.
“The global hair care market is tipped to grow from $75bn in 2020 to $113bn by 2028, driven by a demand for healthier, shinier and stronger hair. Our widening range of products are well positioned to meet this demand.”
Angel investor Brandon, added: “Kuldeep has established a thriving brand in a high growth market segment and having enjoyed previous investment success with consumer brands at a similar stage, I knew this was an opportunity not to be missed.”
The transaction was advised by PwC Raise Ventures.
