A Los Angeles-based hair care company specializing in aging hair has just closed an investment round of around $4 million, more than double its original $2 million target.
Female Founders Fund and Greycroft acted as the lead investors in Arey, which was launched in 2021 by entrepreneur Allison Conrad and celebrity hairstylist Jay Small, and offers products formulated with vitamins, antioxidants and peptides meant to help delay and re-pigment gray hair.
“We are thrilled to colead Arey Grey’s seed round in bringing a much needed science-driven system for addressing aging hair to consumers,” said Anu Duggal, founding partner of Female Founders Fund. “The hair care category has been ripe for innovation and cofounders Allison and Jay have taken a preventive approach to hair health by creating a solution that both slows the graying process while also re-pigmenting hair color.”
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Alaina Hartley, a principal at Greycroft, added: “Arey’s pioneering product line offers a science-driven, proactive solution for gray hair that works across genders and hair types. We’re excited to support cofounders Allison and Jay as they build the category-defining brand in aging hair care.”
According to Arey, scientists have identified that genetics only account for approximately 30 percent of gray hair, while vitamin deficiencies due to diet and lifestyle choices associated with oxidative stress, and chemicals in the dyes used to cover gray hair can be contributors. Along with their team of medical advisers, including internal medicine MDs, dietitians and chemical engineers, it developed products to be implemented at the first signs of gray by preserving and even restoring pigment.
The brand has six products on the market, including supplements, a serum, and The Duo of shampoo and conditioner that are meant to work together to restore hair health, including reducing the likelihood of increased gray hair growth as well as thicker, fuller hair.
Conrad said: “We are not anti-gray, but rather want to provide both men and women an alternative to the current reactive option of hair dye. We are the wrinkle cream of hair care, targeting those looking to prevent aging hair and customers who are in the early stages of graying hair.”
The brand has experienced 1,100 percent year-over-year growth in revenue growth since its 2021 inception, although it declined to provide a monetary figure. Subscriptions account for over 70 percent of sales.
Funds generated through this round of investment will be focused on research and development and distribution expansion.