Spes, a Chinese research-based head care brand, has completed a Series A round of funding of nearly $31 million.
Spes, a Chinese research-based head care brand, has completed a Series A round of funding of nearly $31 million, led by China Renaissance New Economy Fund from China Renaissance, co-led by a leading Chinese fund and followed by its former shareholder SIG and exclusive financial advisory by LightHouse Capital. This round of funding will be used to strengthen the product layout of “cleansing, care, dyeing and style” in the head care category.
Founded in April 2020, “Spes” has put more energy in scalp care with efficacy of oil control as its first selling point. It finally became popular in consumers with its Scalp-Cleansing and Hair Puffy Sla Salt Cream and Washing-free Hair Spray and took the lead in the functional head care category.
According to the official information provided by the brand, up to now, the total sales of Scalp-Cleansing and Hair Puffy Sla Salt Cream exceeded 3 million bottles and the total sales of Washing-free Hair Spray exceeded 6 million bottles. The former created a new category of hair cleansing cream and the latter drove the sales of Washing-free Hair Spray to increase by 2630%. During the “Double 11″(Chinese Shopping Carnival) in 2021, the sales of “Spes” increased by more than 10 times year-on-year, which was one of the fastest growing new brands.
In December this year, Spes also released a new hair dyeing product – Spes PREMIUM Hair Dye Trendy Bubble Hair Colour. According to the team, this new product has achieved two debut in industry: the first is application of the brand’s exclusive structural restoration technology in hair coloring products to repair hair at the same time. The second is first breakthrough design process to achieve the convenient and fast operation of one press to dye to solve the problems of “hair dyeing will damage your hair” and “novice will fail to dye hair”.
At present, “Spes” has invested in the establishment of a global innovation and research center, reached strategic cooperation with world-class professional scholars and more than 10 world-renowned research institutions and laboratories, including the Chinese Academy of Sciences, Zhejiang University and other famous research institutes in China, as well as research institutions from the United States, Japan, France and other countries. At the same time, “Spes” has also set up a joint R&D center with French Sethic Innovation Labo and Manam (China) Biotechnology Center.