Drybar raises $20m from new and existing backers to support expansion plans


drybarUS blow dry chain Drybar has secured $20m in a round led by new backer SPK Capital and existing investor Castanea Partners to support its expansion plans.

The latest funding round brings Drybar’s fundraising total to $50m.

The round was also backed by Drybar board member and founder and ex-CEO of Laura Mercier Cosmetics Janet Gurwitch and ex-president and chief merchandising officer at Saks Fifth Avenue Ron Frasch.

Drybar currently serves more than 100,000 women each month across 37 retail locations.

Drybar co-founder and chief creative officer Alli Webb said, “The demand we are seeing from women around the world for our products and services is humbling and incredibly exciting. This investment will allow us to further accelerate our expansion plans.”

Castanea backed the company with a $16m investment in January 2012.

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