Dollar Shave Club, the subscription service for razors (and more!) has closed a $75 million Series D round at a pre-money valuation north of $500 million.
This funding comes less then a year after a $50 million Series C, and brings total fundraising to $148 million. Participants included existing investors like Venrock, TCV and Forerunner Ventures. Dragoneer Investment Group (an investor in Airbnb, Instacart and Wealthfront) also participated as a new investor.
Dollar Shave Club launched in 2012 with a now-famous viral video featuring founder and CEO Michael Dubin. The company quickly became known for its affordable blades, which run anywhere from three to nine bucks a month for a four-pack.
Recently expanding beyond razors into product lines like hair gel and shaving balm, this new funding will let the company continue to develop new products in the subscription space.
The subscription razor space has been heating up recently, with Gillette introducing the Gillette Shave Club, presumably as an attempt to reclaim some customers lost to subscription services like Dollar Shave Club. Harry’s, another subscription service for razors, has raised almost $200 million in the past year-and-a-half alone.
However, it seems that Dollar Shave Club may have had a nice head start. The company stated that the site is responsible for 13.3 percent of all razor sales in the U.S., and now has more than 2 million subscribers.
This post was updated to reflect that information in this article was taken from a Re/code story posted earlier today.
