Subscription-based fragrance company, Scentbird, has raised $18.6 million, one of largest series A funding rounds secured by a direct-to-consumer brand led by a female CEO, according to data from Crunchbase. In the past year, Scentbird has shown growth of more than 110 percent; currently 95 percent of revenue comes from subscriptions.
“We are excited to launch Scentbird into the next stage of its growth,” said Mariya Nurislamova, who co-founded the company with Sergei Gusev, Andrei Rebrov and Rachel ten Brink. “Attracting investors who understand the unique digital landscape and what we offer consumers will bolster our position in the beauty industry on a larger scale.”
The company, which recently expanded its sampling service to include a range of namesake personal care and home fragrance products, will use the funds to accelerate product innovation and market expansion. It will also focus on enhancing the consumer experience and will look to acquire new talent.
Since Scentbird’s initial seed round, its subscriber base has increased to more than 250,000 across the U.S. The company currently captures 1 percent of the multi-billion-dollar prestige fragrance market, and said they are aiming to double that number within the next year.
“This funding shows the investors’ confidence in our team, the market opportunity, and our mission. It will allow us to keep moving at a fast pace while cultivating the creativity and technology to continually build our brand,” said Mariya.
Funding was led by Goodwater Capital, a next-generation consumer technology firm, and joined by Y Combinator, Rainfall Ventures, FundersClub, Soma Capital, Scrum Ventures, ERA and others.