Los Angeles -- Drybar, the leading blowdry-only salon concept, has received a $20 million investment led by SPK Capital and existing investor, Castanea Partners.
Also participating in the round were Drybar Board member Janet Gurwitch, founder and former CEO of Laura Mercier Cosmetics, and previously executive VP of merchandising at Neiman Marcus, and Ron Frasch, former president and chief merchandising officer at Saks Fifth Avenue and previously CEO at Bergdorf Goodman. Paul Pressler, former CEO at Gap Inc. and president at The Walt Disney Company, is also an investor and sits on Drybar's board of directors.
"We are extraordinarily proud, honored, and fortunate to have such a talented and experienced group of investors and advisors helping us further grow this brand," said Michael Landau, Drybar co-founder and executive chairman.
Drybar, which has raised more than $50 million of capital to date, currently has 37 retail locations. It recently expanded distribution of its hair styling products and tools from 70 to more than 200 Sephora locations nationwide.