Leading digital first creators continue to be magnets for investors as they rollout new products into traditional FMCG product areas. Following in the footsteps of MrBeast (Feastables) and Sidemen (Best Cereals), Jake Paul’s men’s personal care brand W has raised $14 million in a Series A funding round led by Shrug Capital.
Valued at $150m, W’s backers include seed financing and incubation from Jake Paul and Geoffrey Woo’s venture capital firm Anti Fund. Among other co-investors are Range Group, 305 Ventures, Uphonest Capital, Quiet Capital and Palm Tree Crew, with participation from Celsius’ CEO John Fieldly, Fanatic’s CEO Michael Rubin, Lil Durk, Nick Kyrgios, Naomi Osaka, and Carter Reum and Paris Hilton.
Paul (pictured, courtesy of W) said: “Our funding reflects our investors’ confidence in the immense opportunity we have to build a new type of legacy brand in unique and unexpected ways. I invested my own capital along with my partner and co-founder Geoffrey Woo because we strongly believe in W’s runway to achieve a massive and successful future.
Launched last month exclusively at Walmart, W has been the retailer’s most successful ever launch in its ‘emerging brands’ category, blowing past seven figures in sales and on track to hit north of $50m in sales by the end of its first year. “It’s incredibly important to me that W fill the void that’s been apparent in the men’s personal care category for decades,” said Paul. “Everything W does is different — from driving record sales to our forward-thinking approach to creator partnerships.”
As part of its marketing strategy, W has also assembled a team of ‘W Co-Owners’ — a roster of celebrity and influential brand ambassadors. Equity holders include MMA champion Sean O’Malley and hip-hop star Rubi Rose, with more to be announced.
Shrug Capital invests in culturally relevant companies and has a portfolio that includes MrBeast’s Feastables and Liquid Death. Explaining its participation in W’s rapid expansion, Moshe Lifschitz, Shrug Capital’s managing partner, said: “The industry is riddled with legacy players that are taking antiquated approaches and in turn are losing market and mindshare. When we think about brands that will shape the next generation of household brands, W has all the characteristics.”
