SCENTBIRD, the subscription-based fragrance company, announced today it has successfully raised $18.6 million, one of the largest series A funding rounds secured by a direct-to-consumer brand led by a female CEO.
The digital company will use the proceeds to accelerate product innovation and market expansion with an added focus on consumer experience and new talent.
The under the radar beauty company, with 95% of revenue from subscriptions, captures 1% of the multi-billion-dollar prestige fragrance market and strives to double that number in the next year.
"We are excited to launch SCENTBIRD into the next stage of its growth," said Mariya Nurislamova, CEO, and Co-Founder. "Attracting investors who understand the unique digital landscape and what we offer consumers, will bolster our position in the beauty industry on a larger scale. This funding shows the investors' confidence in our team, the market opportunity, and our mission. It will allow us to keep moving at a fast pace while cultivating the creativity and technology to continually build our brand."
Funding was led by Goodwater Capital, a next-generation consumer technology firm, and joined by Y Combinator, Rainfall Ventures, FundersClub, Soma Capital, Scrum Ventures, ERA, and others.
"We are excited to support Ms. Nurislamova and the SCENTBIRD team on their mission to transform the beauty space and change the way consumers approach fragrance," said, Eric Kim, Co-Founder and Managing Partner at Goodwater Capital. "At Goodwater Capital, our focus is on supporting entrepreneurial innovators who are not only disrupting product categories but who are also challenging the status quo."
Since the company's initial seed round, SCENTBIRD has grown from only 400 subscribers to now over 250,000 subscribers across the United States, demonstrating the brand's value and consumer adoption. In the past year, SCENTBIRD has shown growth of over 110% and has extended their sampling service to include a range of namesake personal care and home fragrance products in addition to their growing catalog of 500+ men's, women's, and unisex fragrances.
SCENTBIRD is co-founded by Mariya Nurislamova (CEO), Sergei Gusev (COO), Andrei Rebrov (CTO), and Rachel ten Brink (CMO).
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Photo Credits: SCENTBIRD