A hair care company is poised to become one of the UK’s biggest venture-capital funds after securing £10m in funding.
Biohaircare, which specialises in providing hair care products for children, is set for a new venture called BioMed Venture, and it plans to take over the company, BioFibre UK, which was established in 2011.
It will have an office in Oxford and BioFiber UK will have offices in Edinburgh and Cardiff.
BioFribers UK is set up by British entrepreneur, Alex Bolesley, who has previously raised funding for Haircare International, BioTech UK and BioTech Labs.
He told The Irish Post that the company was set up to support BioFresco, which has a growing market share in the UK market.
“We’re looking to grow and grow,” Mr Boleslay said.
BioMed will use the funds to invest in the company.
It also intends to hire staff and start commercialising products, he added.
BioBisco is set a target of raising £50m from investors, which it expects to complete in the first half of next year.
BioHaircare is one of many hair care companies already looking to raise capital, and the news has been welcomed by some.
“BioHairCare is a fantastic opportunity for UK hair care businesses to increase their profits and scale their operations in a timely and sustainable manner,” said Tony Glynn, head of global retail and brand partnerships at Haircare UK.
“As the UK has a rapidly growing hair care market, it is crucial that hair care and grooming companies have a presence in the country to help boost the country’s reputation in the global marketplace.”
The BioFins will be taking over the BioMed venture from the existing BioFriesco, a company that provides hair care for children in the north of England.
BioHealth is set at the same stage of expansion as BioFrysco, with its first commercial products due to launch later this year.
“The BioHarmons are committed to making a difference to children’s lives and this is why we are so excited to be investing in BioHarmsco,” said CEO, Mike Smith.
“By partnering with BioFreesco, BioHhairCare can expand our market share to include a broad range of children’s hair care needs, from shampoo and conditioners to hair styling products.”
BioFrsco is one in a series of UK haircare startups, with other UK companies such as BioCrisp, BioSlim, BioSkin, and BioTreat offering products for women, men and children.
BioTrip and BioHail have both made it to the top of the global haircare sector.
In the UK, the first commercial hair care brand to go public was Haircare, founded in 2012 by UK entrepreneur, Chris Smith.
The company is now a company worth £10.4m, and in October, it announced plans to set up a £20m, US-based business in Ireland.
BioShampoo is another hair care startup in the same category, and also has its first products in the market.
It is set on a similar trajectory to BioHairsco.
“This is a really exciting time to be a hair care business in the United Kingdom,” said founder and CEO, Paul McBroom.
“I’m sure the people of the United States will be very happy to see us take over Haircare as a British company.
The hair care industry has a lot to offer and we believe we have a unique opportunity to take it forward.”
In the US, the next wave of hair care startups will likely take place after 2020, with more than a dozen emerging companies set to launch.
BioCrista, BioCrescene and BioCure will all be focusing on the US market, with BioCries, BioPacks and BioStamp joining the race for hair care consumers.
“Our goal is to provide high quality, innovative products for the US hair care consumer in the coming years,” said co-founder, Chris Taylor.
BioRamp is another UK hair company, with two of its products, the BioCrosp, and The BioCret, now available in the US.
BioSkin is another new hair care firm to take advantage of the US growth.
“A lot of our products are available in Australia and we think it’s a great place to invest and launch,” said product development director, Sarah Hynes.
“With the right market, we could potentially launch products in Australia in the next two to three years.”
BioCrip is also aiming to launch in the Middle East in the second half of the year.
Mr Taylor said the UK hair industry had an opportunity to become even more of a global brand.
“If you look at our brand, the hair industry is in the