The Northeast Ohio company that makes the RevAir hair drying and straightening vacuum has raised $9 million in a funding round led by Lykos Capital Partners.
The funding will be invested in product innovation, marketing and expanding supply chain capabilities to accelerate growth, the Macedonia-based company said in a statement.
"Partnering with Lykos Capital Partners brings consumer and financial expertise and an extensive network of experienced industry contacts in the beauty and personal care space," said Scott Thomason, RevAir founder and CEO, in a statement.
RevAir's reverse-air technology dries, stretches and straightens hair three times faster than traditional methods, according to the company's website.
The RevAir hairdryer and straightener does not use heat or chemicals, so it is especially effective on very curly or damaged hair, the company states.
"The RevAir is a wacky hair-drying vacuum that excels at gently stretching, straightening and smoothing Type 3 and 4 curl patterns — thick, dense, curly/coily/kinky hair — in record time," wrote Nancy Redd, a product reviewer for The New York Time's Wirecutter feature.
"After eight months of testing it on my daughter and myself, I’ve become convinced that, for a certain subset of people, this spendy hair tool is absolutely worth it," Redd said.
New York City-based Lykos Capital is known for building consumer brands that have a technological difference, RevAir said in its statement.
Lykos Capital invested in RevAir because of its passionate consumers who describe RevAir as "one-of-a-kind" and "life changing" and after trying the product for themselves, said Amy Wolf and Jeri Finard, co-founders of the venture capital firm.
RevAir's basic vacuum system sells for $299 at the company's website. Its "total package," which includes several attachments, sells for $399.
