04 Apr Birmingham shaving Entrepreneurs cut big deal for investment and media coverage
Friction Free Shaving, based in Entrepreneurial Spark Powered by NatWest’s Birmingham hub has secured a seven-figure venture capital investment with Athene Capital LLP to drive growth in partnership with one of Britain’s largest publishing groups, Northern & Shell.
Friction Free Shaving is the world’s first shaving subscription company for women and the £1.25 million investment from funds advised by Athene Capital, comes after prior investment by Seedrs and other business angels. The investment is inclusive of a media partnership with Northern & Shell, which is designed to drive Friction Free Shaving’s ambitious growth plans.
A significant portion will go towards a comprehensive media campaign with Northern & Shell, whose outlets include OK! Magazine, New! Magazine, Express and Star newspapers, together with access to a multi-channel television advertising inventory.
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 said: “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.”
Friction Free Shaving has experienced rapid growth since it launched its first set of products 18 months ago, and now records over 8000 actively monthly subscribers. The playful women’s brand follows in the footsteps of a number of successful male shaving subscription brands. The company aims to take a significant portion of the women’s shaving market, estimated to be worth several hundred million pounds in the UK alone.
The company, which is based in the West Midlands, aims to challenge the limited choice and quality of female shaving products currently available on the high street, by providing a more hygienic, convenient and affordable alternative. The business posts high quality women’s shavers and replacement blades through the letterbox each month in return for a subscription, which starts at £5. It has also launched a highly popular women’s shave cream.
Entrepreneurial Spark’s Birmingham Enabler James Powell said: “Friction Free Shaving is such a great concept and they a brilliant example of entrepreneurs who applied the growth mindset and built an amazing business. They have proved themselves totally credible, backable and investable and both the scale and the type of this investment proves that. The media partnership they have secured will be a huge boost for their marketing.”
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