Botox provider Peachy has landed new investment from Stride Consumer Partners.
Launched in 2019 by Dr. Carolyn Treasure and Eric Zhang, Peachy now operates 15 locations across six cities: New York, Chicago, Atlanta, Austin, Washington, D.C., and Charlotte, N.C.
Terms of the deal weren’t disclosed, apart from that Peachy, which offers a flat-fee pricing model, saw revenue grow more than 60 percent last year, while the company expanded from 12 to 15 studios.
On why Stride made the investment, Mike Banu, a partner at Stride Consumer Partners, said: “Peachy really just does one thing — neuromodulators — and they do that incredibly well, in a way that allows them to both offer that better experience and offer that value. We see a lot of parallels with what Peachy is doing relative to your other neuromodulator providers like med spas, to what Drybar did to pulling the blowout out of a traditional hair salon. That specialization is something we get really excited about, because it allows for a really great experience for the consumer, and ultimately that drives the business.”
Stride was an early investor in Drybar. It is also currently invested in Odele Beauty, Patrick Ta and Skinfix, among others.
On white space for the brand, Treasure said expanding reach with the male consumer, currently 25 percent of the business, as well as expanding in the six states it currently operates in and elsewhere in the U.S.
“Our goal is to have Peachy locations across the U.S. and continue to grow and resonate with more and more clients beyond our core psychographic that we’re building the brand for,” she said. “We are excited to partner with Stride as we continue to scale, redefine and reimagine preventative skin care.”
While the main focus for Peachy is services, it does have a small product line, including Tinted Facial Sunscreen SPF 50, $35, Mineral Facial Sunscreen SPF 50, $35, Moisturizing Cream, $45, as well as Prescription Retinoid Cream.
Peachy’s existing investor base includes BrandProject, Brand Foundry Ventures, Great Oaks Venture Capital, Pascal Capital and Base10.
