Dive Brief:
- Hair care brand Bread Beauty Supply closed on a multimillion-dollar seed funding round led by Fearless Fund, according to a press release Friday.
- Bread plans to use the funds to expand its product line, as well as enhance its research and development capabilities. The brand — which already sells through Sephora and Ulta in addition to its e-commerce website — also plans to grow its distribution channels.
- Fearless Fund — a venture capital firm specializing in early-stage, women of color-led businesses — led the investment round with the goal of providing resources to Bread and helping it scale its operations.
Dive Insight:
A shared appreciation for inclusivity and diversity helped bring Fearless Fund and Bread together.
“I’m so excited to partner with Fearless Fund, an organization that prides itself on truly supporting women of color,” Bread founder Maeva Heim said in a statement. “For the past three years, our goal of not only sustaining but expanding as a business is now possible with key investors creating a level playing field in the beauty category. This investment allows us to not only reach a larger consumer base but continue our commitment of bringing innovative products to those looking for a simplified, edited hair care routine with the key essentials resulting in healthy hair.”
Bread focuses on textured and curly hair, selling products such as hair creams, oils and gels.
The brand’s new funding was announced on its third anniversary Friday and it joins Fearless Fund’s portfolio of brands including Slutty Vegan, Thirteen Lune and The Lip Bar.
Bread brings in fresh capital as other brands hope to expand in the hair care category. Hair care brand Ceremonia opened its first brick-and-mortar store earlier this month and Bath & Body Works announced in May that it would debut hair care this year. Meanwhile, Ulta has been building out its hair care assortment with new brands, such as bringing in Odele in February.
