Lunata Beauty closes $3 million Series A funding round
“The global hair care appliances market is estimated to touch a value of over $21 billion by the end of 2026,” says Lunata CEO and Co-Founder Monica Abramov in this week’s press release about the brand’s $3 million Series A funding round.
‘We intend to be an integral part of this growth factor,” she says, going on to share a quick outline of how the brand plans to expand: “through this funding [Lunata] will continue to innovate and introduce patented beauty technology. We also plan to double our team, grow our direct to consumer business further and move into the UK and European markets.”
Lunata makes rechargeable, cordless curling wands and stylers
The brand set out to reinvent heated hair tools and designed the technology needed to power cord-free handheld flat irons, curling irons, and the like with heat and styling capabilities comparable to quality corded tools.
Lunata’s flat iron, for instance, has a built-in USBC port, accommodates both 100v – 240v outlets, and comes with 2 rechargeable lithium 5000 mah batteries, according to a video about the tool embedded on the Lunata ecommerce site. The hair tool can be used cordlessly for 45 minutes on a high-heat setting and includes a digital display and temperature adjustments.
And some of the brand’s newer tools are equipped to be used both cordlessly and while plugged in and charging.
Lunata Series A round to fund new tech and brand expansion
Fund raising is often a challenging endeavor for new brands; and that was certainly the case this year too.
Lunata Co-Founder and the brand’s CMO Stacey Boguslavskaya describes the brand’s final progress with Enfield Investments Holding Ltd. “Enfield wanted to see how hard we would push and function during such a volatile time,” Boguslavskaya says in this week’s press announcement.
“We would update Enfield weekly on our partnerships, pivots and revenues,” she says. “We were able to secure partnerships with Costco, Kohls, Indigo and more while brands and retailers were declaring bankruptcy. In addition, our direct-to-consumer sales continued to increase throughout the pandemic due to our swift shift in messaging and introducing timely product offerings, like an at-home hair cutting kit. At the end of the day the weekly updates worked; and the fund decided to invest and support our mission to become a global leader in Beauty Tech.”