Subscription-based fragrance company Scentbird has secured $18.6m of series A funding from direct-to-consumer technology firm Goodwater Capital.
The investment will be used to speed-up new product development, improve the consumer experience and hire new staff for market expansion.
The investment round was led by Goodwater Capital with support from other businesses, including Y Combinator, Rainfall Ventures, FundersClub, Soma Capital, Scrum Ventures and ERA.
Scentbird CEO and co-founder Mariya Nurislamova said: “We are excited to launch SCENTBIRD into the next stage of its growth.
“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. 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.”
The fragrance company has expanded its subscribers base from 400 to more than 250,000 across the US using the proceeds from an initial seed round.
Last year, the company reported 110% growth and expanded their product catalogue with more personal care and home fragrance products.
Goodwater Capital co-founder and managing partner Eric Kim said: “We are excited to support Nurislamova and the SCENTBIRD team on their mission to transform the beauty space and change the way consumers approach fragrance.
“At Goodwater Capital our focus is on supporting entrepreneurial innovators who are not only disrupting product categories but who are also challenging the status quo.”
Scentbird is founded by Nurislamova, chief operating officer (COO) Sergei Gusev, chief technology officer (CTO) Andrei Rebrov and chief marketing officer (CMO) Rachel ten Brink.
