RALEIGH – Virtue Labs, a Raleigh-based startup focusing on hair, skin and nail treatments, just a few months ago received star backing from Jennifer Garner. Now in addition to Hollywood, investors are giving the company a boost.
Virtue Labs has closed on $28.6 million in new financing – all in exchange for equity – according to a securities filing.
Some 26 investors signed on for the round, which was the amount the company sought to raise.
Melisse Shaban, the CEO, signed the filing.
Raleigh biotech hair company Virtue Labs gets boost from actress Jennifer Garner
Virtue Labs also has earned praise from Triangle serial entrepreneur and investor Scot Wingo who included the firm in his 2019 “Tweeners” list of promising startups.
“There’s an explosion of new brands because the cost to create a brand has come down thanks to the digital/e-commerce revolution. Virtue is a consumer product goods (CPG) company in the beauty category. They have created a keratin-based haircare brand that repairs hair reducing frizz and split ends. They sell through the various beauty channels and have a very strong direct e-commerce game,” Wingo wrote.
The firm raised nearly $23 million in equity and debt in 2017-2018.
