A beauty technology company which recently secured a record-breaking investment from Dragons’ Den judges including the entrepreneur Steven Bartlett will this week unveil a further multimillion pound funding injection.
Sky News has learnt that London-based yuv, which claims to have pioneered the world’s first smart hair colour lab system for salons and freelance stylists, will announce on Friday a $12m (£8.9m) Series A funding round.
The capital-raise has been led by Nineyards Equity, a Swedish-headquartered growth equity firm.
Yuv, which was founded by Francisco Gimenez, who has also participated in the raise alongside other existing investors, created a dispensing platform for professional hair colourings, which it calls the yuv Lab.
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Connected to an app, the system replaces single-use tubes with refillable aluminium cartridges in order to reduce waste while offering precise colour formulations.
The technology impressed both Mr Bartlett and fellow ‘Dragon’ Sara Davies, with each investing £250,000 at a £25m valuation – a record for a start-up pitching on the BBC show.
Yuv’s Series A round is designed to accelerate its growth in the UK and pave the way for expansion in the US next year.
«With the support of Nineyards Equity, VNV Global, and our investor network, we are doubling down on our mission to transform professional hair colour through sustainability, design, and technology,» Mr Gimenez said.
«Our next chapter will bring yuv’s platform to more salons and freelancers across the UK, and soon to the US, where we see massive potential.»
Estimates suggests that the global salon hair care services market will grow in value from $204bn this year to nearly $342bn by 2032.
«Yuv is bringing true digital transformation to professional hair colour by combining hardware, colour and software into a platform that solves real pain points for salons and freelancing hairdressers alike,» Eric Sävendahl, principal at Nineyards Equity, said.