Virtue Labs, a biotech haircare company based in Raleigh, has received new funding from the backer of ‘Just for Men’ and ‘Odor Eaters’ products. The company aims to drive more growth in its product lineup with the new funding. Virtue Labs has also announced a new CEO, Jose Luis Palacios, who has worked at Procter and Gamble, Coty, and Google. The company’s founder, Melisse Shaban, will remain with the company as an advisor to the board and its new CEO. Virtue Labs raised more than $3.6 million last year, according to an SEC filing, as part of a projected $12 million round. It raised more than $28 million in 2020.
‘Jose Luis is a visionary leader, and an experienced operator, with a proven track record of driving growth and innovation in the consumer brands industry. He brings a wealth of experience and expertise to Virtue, and we are confident that he will lead us to new heights of success,’ said John Rice, chairman of Virtue.
The funding and executive change were announced by the majority owner, Combe, and other backers. The amount of funding was not disclosed. Virtue Labs has been supported by Hollywood celebrity Jennifer Garner. Combe executive chair Keech Combe Shetty said, ‘I am excited for Virtue’s future under Jose Luis’ leadership, and am delighted to continue supporting the growth and development of a brand that is having an incredibly transformative impact on the health of our consumers’ hair.’