After its partners made an early investment in Drybar, Stride is getting deeper into hair with Minneapolis-based hair care brand Odele.

The private equity firm just made a minority investment in Odele — a phonetic riff off of the Norwegian phrase å dele, which suggests “to share.” The brand was launched in 2020 by Lindsay Holden, Britta Chatterjee and Shannon Kearney, who together bring experience in retail, marketing and manufacturing in each big-box stores and smaller firms, from General Mills and hair care company Renpure to Goal. 

The road began with nine stock keeping units and a Goal partnership and since then, Odele has expanded to more products, in addition to CVS and Ulta Beauty. Volumizing Shampoo, Volumizing Conditioner and Air Dry Styler, each priced at $11.99, are amongst its bestsellers, with clean formulas which might be EU ingredient compliant. 

Terms of the deal weren’t disclosed, however it’s understood the corporate’s sales are set to are available at around $30 million this yr, up 55 percent year-over-year.

“We’re dedicated to constructing a brand that can last for generations — and that takes patience and sometimes restraint, which isn’t all the time in alignment with the objectives and speed of personal equity. We were drawn to Stride because they understood our vision and business philosophy and shared our commitment to people and the planet,” Chatterjee said of the investment. 

The expansion capital from Stride Consumer Partners will fuel investment inside key areas of Odele’s business, namely marketing, talent and product innovation.   

Nicole Fourgoux, Stride operating partner, said: “Odele is moving the bar in clean performance hair care. We now have seen this market segment thrive at prestige price points and are thrilled that the Odele team has made performance-first clean formulas accessible. We all know that Odele’s positioning has huge potential in the trendy marketplace.”  

Last yr, Stride made an investment in Patrick Ta Beauty, while the firm’s partners have also made early investments in Tatcha, Skinfix, First Aid Beauty and Drybar.

Investment within the hair market is picking up. K18 is amongst those said to be available in the market, with heavy speculation that a deal could possibly be announced before the yr end.