Friction Free Shaving, a UK-based razor subscription for women service, announced on Tuesday it has secured £1.25 million venture capital investment with Athene Capital LLP to drive growth in partnership with one of British publishing group, Northern & Shell. The investment comes less than one year after the company raised £150,522 through its equity crowdfunding campaign on Seedrs.
Speaking about the investment, Briar Keen, Co-Founder of Friction Free Shaving said:
“We are thrilled about this deal and have already seen some really encouraging results from our early activities with the Northern & Shell media team. With the ongoing support from Northern & Shell and Athene Capital we believe this investment will allow us to treble our subscriber numbers by the end of the year, and fulfil our mission to empower as many women as possible to get a fair deal when it comes to shaving.”
Lloyd Thomas, Managing Partner of Athene Capital, then commented:
“The management team at Friction Free Shaving have identified a huge and untapped opportunity in the market of women’s shaving subscriptions. We are very confident in their ability to drive rapid growth and are excited to be backing them.”
Richard Martin, Group Commercial Director, Northern & Shell, noted:
“This media partnership outlines our ongoing initiative to support promising start-up businesses in the UK. We have been hugely impressed with the tenacity of the team at Friction Free Shaving and believe that by working with us and our extensive portfolio of media assets, they have a unique opportunity to disrupt the sizeable and growing women’s shaving market.”
Friction Free Shaving added it has experienced rapid growth since it launched its first set of products 18 months ago, and now records over 8000 actively monthly subscribers. The company is currently aiming to take a significant portion of the women’s shaving market, estimated to be worth several hundred million pounds in the UK alone.
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