This report is intended to provide DTC eCommerce founders with useful information as they consider raising new capital. Data is largely sourced from Pitchbook; we use a growing, curated deal list to provide industry specific insights.

1. eCommerce Capital Markets:
Personal Products
Q4 2021
1
REPORT

2. About this Report
This report is intended to provide DTC eCommerce founders with useful
information as they consider raising new capital. Data is largely sourced from
Pitchbook; we use a growing, curated deal list to provide industry specific
insights.
About Bainbridge
Bainbridge is data, analytics and finance in an integrated SaaS solution for DTC
founders. We help founders see what's happening across their business, make
better decisions, build plans and track daily progress so they can maximize
growth and profits. Our customers include MudWtr, TheFeed, Geologie, Ibex
and more who are growing an average of 173% per year. Schedule a demo
today to learn how Bainbridge can help you maximize the value of your brand.
👋 Welcome!
Thanks for reading.
eCommerce Capital Markets / Personal Products | Q4 2021 2

3. Personal Products Definition. The sector includes DTC eCommerce
companies selling products used in personal hygiene and beautification (e.g.,
soap, hair care, skincare, oral care, supplements). eCommerce marketplaces
(i.e,. retailers of other brands) are not included in this report.
Product Categories. Companies are categorized by primary product type (e.g.,
cosmetics, skincare, hygiene), primary audience, and lifestyle/niche (e.g.,
eco-friendly, organic, cannabis, general).
Stage/Sponsor Definitions. Deals are divided into four categories: Pre-VC (i.e.,
Angel/Seed and Crowdfunding), Venture Capital (including Corporate VC),
Private Equity, and Exits (e.g., IPOs, LBOs, and M&A).
Add your Data! Bainbridge’s curated Personal Products list currently includes
571 deals across 380 DTC eCommerce companies. See the list and reach out to
ensure your deals are included in future reports.
DTC Personal Products
Industry Sector
eCommerce Capital Markets / Personal Products | Q4 2021 3

4. Deal volume tracking with overall VC market
⚡ COVID “lull”
4
Source: Pitchbook; Based on a list of 380 eCommerce companies in the Personal Products sector, curated by Bainbridge
eCommerce Capital Markets / Personal Products | Q4 2021
Deal Activity (Non-Exits): All Stages

5. ⚡ 2021 deal count
impacted by increasing
use of Crowdfunding
5
Crowdfunding increasingly popular; nominal impact on Pre-VC $ volume
Source: Pitchbook; Based on a list of 380 eCommerce companies in the Personal Products sector, curated by Bainbridge
eCommerce Capital Markets / Personal Products | Q4 2021
Deal Activity (Non-Exits): Seed, Angel, & Crowdfunding

6. 6
Positive VC trends across all metrics (count, volume, & deal size)
Source: Pitchbook; Based on a list of 380 eCommerce companies in the Personal Products sector, curated by Bainbridge
eCommerce Capital Markets / Personal Products | Q4 2021
Deal Activity (Non-Exits): Venture Capital Rounds
⚡ 2021 $ volume
up 360% over 2020

7. 7
Pre-VC deal sizes trending up despite small $ Crowdfunding deals
Source: Pitchbook; Based on a list of 380 eCommerce companies in the Personal Products sector, curated by Bainbridge
eCommerce Capital Markets / Personal Products | Q4 2021
Deal Size (Avg) & Count: Seed, Angel, & Crowdfunding

8. ⚡ Q1 avg skewed
by two large deals
8
2021 average VC deal up 2.5x from 2020 ($18.9M vs $7.4M)
Source: Pitchbook; Based on a list of 380 eCommerce companies in the Personal Products sector, curated by Bainbridge
eCommerce Capital Markets / Personal Products | Q4 2021
Deal Size (Avg) & Count: Venture Capital Rounds

9. 9
Flood of available capital driving favorable Pre-VC valuations
Source: Pitchbook; Based on a list of 380 eCommerce companies in the Personal Products sector, curated by Bainbridge
eCommerce Capital Markets / Personal Products | Q4 2021
Post-Money Valuation (Avg): Seed, Angel, & Crowdfunding

10. ⚡ Seven deals in 2021
with PMV > $500K, vs
one in 2020
1
0
eCommerce Capital Markets / Personal Products | Q4 2021
Post-Money Valuation (Avg): Venture Capital Rounds
2021 average VC deal valuation up 4.5x from 2020 ($304M vs $66M)*
Source: Pitchbook; Based on a list of 380 eCommerce companies in the Personal Products sector, curated by Bainbridge
*Quarterly stats skewed by limited sample size, but annual trend is consistent: Median deal valuation up ~3x YOY

11. Qtr Company Business Line Deal $ Revenue Invested
Capital
Founded Investors
Q4
Hairstory Haircare $24 $30 $29 2015 Summit Partners
Skinfix Skincare $20 N/A $21 2013 Stride Consumer Partners
Q3
Hero Cosmetics Cosmetics $15 $80 $15 2017 N Plus One Ventures, The K Fund
ShaveLogic Grooming $100 N/A $105 2009 Jefferies Financial Group
Q2 Vegamour Haircare $80 $35 $80 2016 General Atlantic
Q1 Mielle Organics Haircare $100 $40 $100 2014 Berkshire Partners
11
Private Equity active in 2021 after quiet 2020
Source: Pitchbook; Based on a list of 380 eCommerce companies in the Personal Products sector, curated by Bainbridge
eCommerce Capital Markets / Personal Products | Q4 2021
PE Investment Activity ($M): FY 2021

12. 12
*From date of first VC round, significant Angel round, or most recent recapitalization
Qtr Company Business
Line
Exit Type Exit
Amount
Post-
Valuation
Invested
Capital
Founded Initial
Round*
Mo from
Initial Rd*
Q4 Beekman 1802 Skincare Buyout $92 $92 $92 2008 N/A N/A
Q3 Olaplex Holdings Hair Care IPO $1,548 $13,611 $450 2014 01/2020 19
Q2
Costa Brazil Skincare M&A $12 $12 N/A 2016 03/2019 26
The Honest Co Hygiene IPO $413 $1,443 $600 2011 09/2011 116
Q1 Hims & Hers Wellness SPAC $280 $1,600 $477 2017 11/2017 38
Exits remain limited amidst general market IPO wave
Source: Pitchbook; Based on a list of 380 eCommerce companies in the Personal Products sector, curated by Bainbridge
eCommerce Capital Markets / Personal Products | Q4 2021
Completed PE & VC Backed Exits ($M): FY 2021

13. 13
Investor Investment Type Sector
Deals
AUM Dry
Powder
Contact Recent Sector Investments
Silas Capital Growth/Expansion 12 $173 $2 Carter Weiss Veracity, Scotch Porter, Ceremonia, Vacation
Greycroft Venture Capital 9 $2,000 $579 Ellie Wheeler Uplifters’ Prima, Violette, Ami Cole, Crown Affair
Brand Foundry Ventures Venture Capital 8 N/A $116 Andrew Mitchell Vacation, Starface, Cake, LOLA
Alumni Ventures Group Venture Capital 6 $500 $576 Erin Burke Willow, Uplifters’ Prima, Beam, Crown Affair
BAM Ventures Venture Capital 6 $20 $0 Shamin Walsh Merit, Hazel, Art of Sport, Versed
Entrepreneurs Roundtable Accelerator/Incubator 6 N/A N/A Karen Novak Stix, GETMr., Caire, Hazel
Finn Capital Partners Family Office 6 N/A N/A Patrick Finn Needed, Vacation, Kjaer Wels, Cake
G9 Ventures Venture Capital 6 N/A N/A Amy Griffin Ami Cole, LOLA, Westman Atelier, Kosas
Sugar Capital Venture Capital 6 N/A $16 William Hawthorne Cake, House of Wise, Jupiter, Snif
Investors with most sector investments
eCommerce Capital Markets / Personal Products | Q4 2021
Active Investors: Q3 2019 - Q4 2021
Source: Pitchbook; Based on a list of 380 eCommerce companies in the Personal Products sector, curated by Bainbridge

14. 1
4
⚡ ~15% of Wellness $ is
CBD/Cannabis related
⚡ ~49% of Hygiene $
targets women
⚡ ~16% of all $ activity
notes organic and/or
eco-friendly focus
Wellness product category attracting most $ volume
Source: Pitchbook; Based on a list of 380 eCommerce companies in the Personal Products sector, curated by Bainbridge
eCommerce Capital Markets / Personal Products | Q4 2021
Deal Activity by Product (Non-Exits): Q3 2019 - Q4 2021

15. 1
5
⚡ Deal activity to
personalized or bespoke
product companies up to
13% in 2021
⚡ Deal activity to
companies targeting
men (e.g., skincare) up
from 3.9% in 2020 to
13.6% in 2021
Deal activity up YoY across most categories, mirroring general market trends
Source: Pitchbook; Based on a list of 380 eCommerce companies in the Personal Products sector, curated by Bainbridge
eCommerce Capital Markets / Personal Products | Q4 2021
Deal Activity by Product (Non-Exits): 2020 vs 2021

16. 1
6
Average deal sizes up YoY across most categories and all investment stages
Source: Pitchbook; Based on a list of 380 eCommerce companies in the Personal Products sector, curated by Bainbridge
eCommerce Capital Markets / Personal Products | Q4 2021
Average Deal Size by Product (Non-Exits): 2020 vs 2021

17. Want more insights?
Join the Bainbridge community today.
17
Join the Community