What a difference a year makes.
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Last January, Billie, a subscription service for women’s shaving and body care products, announced a $ 25 million Series A raise led by Goldman Sachs Private Capital Investing.
Yesterday, wellness giant Procter & Gamble (P&G) announced plans to acquire the New York-based newcomer for an undisclosed amount.
Georgina Gooley and Jason Bravman founded Billie in November 2017. The company has raised a total of $ 35 million in venture capital over its lifetime, according to data from Crunchbase. In April 2018, Austin-based Silverton Partners led Billie’s $ 6 million funding round, which also included the participation of Serena Ventures (the pro tennis investment vehicle Serena Williams), Lakehouse Ventures, Female Founders Fund and Align Ventures. Billie then raised an additional $ 4 million as part of an extension of that funding round, according to Silverton.
The acquisition follows another major exit to the direct-to-consumer space. Last May, Edgewell Personal Care raised $ 1.4 billion for Harry’s, a subscription-based shaving service for men.
Billie’s current product portfolio includes razors, shaving cream, shower gel and body lotion. The company made headlines for its efforts to eliminate the âpink taxâ on products marketed to women.
In a statement, P&G said the agreement complements its women’s skincare product portfolio, which includes the Venus, Braun and joy brands, “through the combination of strong digital and direct-to-consumer marketing capabilities, a growing line of personal care products and a new digital native brand that is particularly appealing to Millennials and Gen Z consumers. â
Co-founders Gooley and Bravman will stay on to lead Billie at P&G.
There is no doubt that the release is great news for all investors. Silverton’s general partner Mike Dodd said his company was âvery fortunate to lead Billie’s seed cycle and to work with such talented entrepreneurs as Georgie and Jason.
âIn no time, they’ve built an incredible brand, product offering, passionate customer base and business,â he wrote via email.
According to SiliconHills News, Billie donates 1% of her income to women’s causes, including Every Mother Counts, which aims to make pregnancy and childbirth safe for women.
Illustration: Li-Anne Dias
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