Walker & Company Brands, a company well-known for its health and beauty products for people of color has raised $24 million in Series B round of funding led by Institutional Venture Partners along with participation from Andreessen Horowitz, Upfront Ventures, Daher Capital, Collaborative Fund, Google Ventures, Felicis Ventures and Melo7 Tech Partners.
Founded in 2013, the startup Walker & Company Brands has targeted on its flagship brand, Bevel the only shaving system that has been designed and made to lessen and prevent razor bumps and irritation in men with coarse and curly hair. This was designed keeping black males in mind but over time Bevel caught the attention of many across demographics and 14 countries with a customer loyalty rate of 95%. With the team of 20, the startup is all set to distribute its razors through Target in 2016 while launching another branded product line.
“Walker & Company Brands was created to make health and beauty simple for people of color. I’m so grateful that our mission has been enthusiastically embraced by our customers who continue to drive the growth of the company with their loyalty to our flagship product,” said CEO Tristan Walker in a press release. “We are excited to partner with our investors to continue delivering on this mission through the diversification of our product offerings and development of new distribution channels for Bevel.”
With the new funds, the startup plans to expand its health and beauty products and plans to sell its shaving system in Target stores apart from its retail website. Walker said, “For the folks who actually haven’t gone to getbevel.com, Target actually might be their first interaction or experience with the brand.” This distribution deal was a selling point for the long and star-studded list of participants in latest funding round. Walker also added, “We are thrilled to work with Target to bring Bevel to guests in a new way. Target understands that our brand offers high-quality, unique products while adhering to the same high standards of customer service to which we subscribe. We look forward to seeing our partnership drive increased brand awareness and sales of Bevel.”
“Walker & Company Brands is doing something that has not been done before – addressing the overlooked and unmet health and beauty needs of consumers of color,” said Somesh Dash, General Partner at IVP. “With an unwavering focus on efficacious products, superior customer service and authenticity in all that the company does, Walker & Company Brands is primed to break out as a leader in the market.”
Walker & Company is not alone in the market for there are other competitors like Dollar Shave Club and Harry’s which raised $75 million in Series D and $75 million in Series C respectively in the recent days.