Arey, the D2C hair care brand specialising in grey hair, has closed its latest funding round of $4.15m – more than double that of its original $2m target.
Launched last year by celebrity hairstylist Jay Small and CEO Allison Conrad, Arey has since reported 1100% year-on-year growth with its science-backed products that focus on preventing and slowing the growth of grey hair and other signs of hair ageing.
Now, the brand will use the latest funds, which were led by investors Female Founders Fund and Greycroft, to boost its R&D efforts and expand distribution.
“We are the wrinkle cream of hair care, targeting those looking to prevent ageing hair and customers who are in the early stages of greying hair,” said Conrad, who was inspired by her own hair journey to found the brand with Small, according to the company.
Small, a former Paul Mitchell stylist who has styled the likes of Matt Damon, Luke Grimes and Noah Centineo, added: “For years, the response to grey hair has been to cover it.”
Almost 85% of women have reportedly coloured their hair, he said: “Unfortunately, once this cycle begins, it's likely that each time you apply hair colour chemicals to your scalp, healthy production of hair is stifled.”
With consumers dying their hair on average every four weeks to maintain this colour, he warned that they could be putting their hair under oxidative stress which may then increase their amount of grey hair.
Conrad added: “We are not anti-grey, but rather want to provide both men and women an alternative to the current reactive option of hair dye.”
More on hair care's silver age:
Arey’s product line-up includes The System, which combines a hair supplement and hair serum to restore healthy hair from the inside-out and outside-in; and a shampoo and conditioner duo designed to work together to reduce the likelihood of increased grey hair growth and giving users thicker, fuller and more vibrant hair.
The company also offers a subscription service, which saw a 975% growth over the last year, accounting for more than 70% of sales.
“We are thrilled to co-lead Arey Grey’s seed round in bringing a much needed science-driven system for addressing ageing hair to consumers,” added Anu Duggal, Founding Partner at Female Founders Fund.
“The hair care category has been ripe for innovation and co-founders Allison and Jay have taken a preventive approach to hair health by creating a solution that both slows the greying process while also re-pigmenting hair colour.”
