Dol­lar Shave raises funds

Los Angeles Times - - TECHNOLOGY - By Paresh Dave paresh.dave@latimes.com Twit­ter: @peard33

Dol­lar Shave Club Inc., the brand of men’s groom­ing prod­ucts born out of a hol­i­day party con­ver­sa­tion in 2010, ap­par­ently is now worth about $ 615 mil­lion.

The val­u­a­tion comes af­ter the Venice start- up’s latest fundrais­ing cam­paign, which brought in $ 75 mil­lion in ven­ture cap­i­tal. In­clud­ing Mon­day’s haul, Dol­lar Shave Club has re­ceived $ 148 mil­lion from in­vestors, and it’s on track to gen­er­ate at least $ 140 mil­lion in rev­enue this year.

The com­pany mails ra­zor blades to its 2 mil­lion sub­scribers ev­ery month or two. It also sells moist tow­elettes, shav­ing but­ter and hair- styling prod­ucts. Gil­lette and other com­peti­tors are now do­ing the same. But Dol­lar Shave Club is seek­ing to main­tain an edge by ex­pand­ing to new prod­ucts, try­ing to of­fer su­pe­rior cus­tomer ser­vice and pro­vid­ing re­lated online con­tent. As Chief Ex­ec­u­tive Michael Du­bin put it, the goal is “own­ing the men’s bath­room.”

Du­bin started the ven­ture af­ter chat­ting about the has­sles of shav­ing with even­tual co- founder Mark Levine, fa­ther of a friend’s f iancée. The two com­bined tal­ents and later paired up with Santa Mon­ica start- up build­ing pro­gram Science Inc. to get Dol­lar Shave Club rolling.

Last sum­mer, the com­pany had about 1 mil­lion sub­scribers and ex­pected an­nual rev­enue of $ 60 mil­lion.

The new fund­ing came from Tech­nol­ogy Cross­over Ven­tures, Dragoneer, Com­cast Ven­tures and Fore­run­ner Ven­tures.

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