Dallas-based Shavelogic Inc. has landed $100 million in new capital from investment banking firm Jefferies Group, the company announced.
A relatively new brand in the skincare and grooming space, the innovation- and tech-driven brand is challenging a nearly $11 billion razor industry. The company said it’s “well on its way to forever changing the shaving experience.”
That kind of breakthrough takes dedication and teamwork, Shavelogic Co-Founder Duwayne Miller said today in a statement, adding that a “capital partner like Jefferies is an essential benefit that will help us accelerate market share growth and drive stakeholder value.”
Shavelogic, which has more than 150 global patents secured over more than a decade of R&D, credits its intellectual property valuation as an important part of securing the financing.
Aon used its proprietary intellectual property valuation platform to support the financing. The group valued Shavelogic’s IP portfolio and arranged for IP Collateral Protection Insurance for Jefferies, which was collateralized by the startup’s IP portfolio and assets.
The future of shaving
“We have the opportunity now to introduce our shaving system to consumers who simply don’t know what they’re missing,” Shavelogic CEO Rob Wilson said last year.
“Over ten years ago, I realized I hated shaving,” Wilson said at the time. “I tried everything and no matter the price, even the best products irritated my skin—and me. Grooming tools were just not innovative or cool.”
Wilson wanted “better gear and a better shave” that could turn the everyday chore into an affordable luxury for a global mass market.
The business aims for “a true leap forward in wet shave technology and craftsmanship” through invention and design, he said.
“Makers, not marketers”
The razor brand has assembled shave industry veterans teamed technology-minded industrial designers and engineers
After a decade of “sweat and tears,” the company set about assembling “the best industrial design, shavetech, and manufacturing team in the world. We gave them a blank sheet of paper and raised $40 million,” Shavelogic said in a blog post as the new shaving system launched last year.
“We are makers, not marketers,” Wilson said at the time.
Gillette cuts in
Still, it hasn’t always been smooth shaving. In 2015, Proctor & Gamble’s Gillette filed suit against Shavelogic and four of its employees (who had previously worked at Gillette), seeking to prevent disclosures of its confidential information, according to an earlier release. Gillette sought a jury trial and unspecified damages against the Dallas startup.
In 2017, Shavelogic prevailed when a Massachusetts judge dismissed the suit, allowing a Shavelogic countersuit to continue.
Today the company is focused on continuing to improve its product and business to meet its own high standards, Wilson said.
Just three weeks ago, Shavelogic announced it was partnering with manufacturing solutions provider Jabil Inc. to advance its design and production goals and help it scale globally.
Shavelogic, which is intent on commercializing its patents and inventions, opened its first manufacturing facility in the U.S. to help meet consumer demand as it focuses on rolling out nationally.
“We are excited to help innovation-driven, IP-rich companies like Shavelogic unlock the value of their IP assets, supporting their growth ambitions and minimizing ownership dilution,” said Aon’s Intellectual Property Solutions CEO Lewis Lee in a statement.
David Seeley contributed to this report.
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