Dallas-Based Scalp & Hair Health Brand Divi Snags Minority Investment from California VC Firm (2024)

Divi Scalp & Hair Health founder Dani Austin [Photo: Divi]

Dallas-based Divi Scalp & Hair Health has secured a minority investment from Norwest, a Menlo Park, California-based venture capital and growth equity investment firm. The new funding will fuel Divi’s international expansion and domestic scale in key metro areas, and continue to deepen the brand’s established relationships with key retailers, including Ulta Beauty, Ulta Beauty at Target, and Amazon, the company said.

Divi is an award-winning brand with clean, science-backed products founded by entrepreneur and three-time Forbes Top Creator Dani Austin.

“Founding Divi was deeply personal for me. I wanted to create something that truly made a difference,” Austin said in a statement. “Welcoming Norwest into the Divi family is a huge milestone, and I’m both proud and excited about what’s ahead. Together, we’re going to continue our focus on new product innovation while keeping our customer number one.”

Austin and her husband, Jordan Joseph Ramirez—who served as CEO and now holds the role of chairman—both plan to remain actively involved in the next chapter of the Divi story as the brand scales to a household name, the company said.

“Just as we remain focused on the efficacy of our ingredients and product formulations, we are also prioritizing assembling a team of industry veterans,” Ramirez said. “Dani and I believe that to execute well on the next chapter of our brand story, we must find people smarter than us in various areas of the business. Creating a dream team is a core focus for us moving into 2025, and Norwest and their industry relationships will be instrumental in helping us in this area.”

‘Solving real problems for consumers’

Sonya Brown, Norwest general partner and co-head of the firm’s growth equity team, will join Divi’s board of directors. Brown and the Norwest team bring unique expertise in scaling strong founder-led brands into global powerhouse names, including Kendra Scott, Vuori, and Ritual, Divi said.

“At Norwest, we’re passionate about partnering with founders like Dani Austin, who are solving real problems for consumers,” Brown said in a statement. “Dani transformed her personal journey with hair loss into a fast-growing, science-based product line focused on the skinification of scalp and hair health. She has also fostered an engaged community where members participate in discussions, provide feedback, share stories, and make authentic connections. We look forward to working with Dani, Jordan, and the Divi team on this next phase of growth.”

Almost $40M revenue in its first year

Divi made its debut with its Scalp Serum in 2021, which sold out in two hours and earned the brand almost $40 million in revenue in its first year, the company said. The first-of-its-kind hair and scalp health brand has expanded over the past three years, and today Divi offers a wide range of breakthrough, scalp-first products, including shampoos and conditioners, a treatment mask, and a “record-breaking” dry shampoo.

Divi said it launched at Ulta Beauty in late 2022. In July, the brand deepened that relationship, expanding its distribution to include all Ulta Beauty at Target locations.

Get on the list.
Dallas Innovates, every day.

Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.