Italian Barbershop Chain Barberino’s Raises €3 Million

Italian barbershop chain Barberino’s, founded by Michele Callegari and Niccolò Bencini, has cashed in on a new €3 million investment round, which was underwritten by, among others, the Fondo Rilancio Startup managed by CDP Venture Capital sgr, Yamamay Chairman and Co-founder Francesco Pinto, who will take over as non-operating chairman of the board, and former soccer player Claudio Marchisio, along with other investors participating through the Doorway platform. The deal was coordinated by Growth Capital.

In August 2020, the startup had raised €1.71 million from 158 investors in an equity crowdfunding campaign launched on the Italian portal Mamacrowd, with a pre-money valuation then of €5.2 million. The lead investor in the crowdfunding campaign had been Numenor, a new growth capital reality for high-potential Italian small and medium-sized companies; business angels; clients; collaborators; and employees of the barber shop chain had also participated. Also participating in the round had been Fabio Mondini de Focatiis, venture partner at Idinvest Partners (Europe’s most active venture capital fund on Series A and Series B rounds, heading Cross Border Growth Capital); Federico Monguzzi, investment banker heading Real Estate Southern Europe and Nordics for Citigroup; OneDay Group, a business and community builder that puts new generations at the center; and Net4Capital, a company that operates in the private equity and venture capital sector.

Incidentally, in May 2020 Net4Capital had already acquired a minority stake in Barberino’s. The seller had been R204 Partners, the investment vehicle of Italian managers Bain & Company Italy, which in May 2018 had signed a €500,000 seed round in Barberino’s with SAF Venture.

Founded in 2015, Barberino’s now boasts 20 direct barber stores in Italy, plus a franchise store in Seoul, South Korea, traveling Barber Corners, a Barber School to train the next generation of barbers, and two exclusive lines with more than 30 proposals including cosmetics, perfumes, and accessories. By 2022 Barberino’s expects sales of €3.5 million (and an annualized run-rate of €5 million for new openings), up sharply from €2 million in 2021 and €1 million in 2020.

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The funds raised will be used to consolidate the brand’s presence in the Italian territory, strengthen the operating machine to scale even faster and start the internationalization process

“The priority is expansion abroad. Our ambition is to take Barberino’s all over the world, starting with the main European capitals. Our industry is still extremely fragmented, in Italy and abroad. We have the potential and the will to play a leading role, not only through organic growth but also through partnerships and possible acquisitions,” commented Barberino’s founders Michele Callegari and Niccolò Bencini. “We are proud of the fact that professionals such as Francesco Pinto, an international top player in the retail world, and Claudio Marchisio, sports champion and Italian lifestyle icon, have believed in our project. With this operation we can make a further qualitative leap: currently the brand is stronger, faster and even more beautiful.”

And Pinto added, “I am happy to accompany the Board of Directors of Barberino’s in this innovative project and, at the same time, founded on the values of ‘beautiful and well-made’ of the Italian craft tradition. Barberino’s today stands as the reference sign in its sector in Italy and has all the potential to become an icon internationally. Digitization has also allowed Barberino’s to consolidate a community of enthusiasts, generating a multitude of ambassadors who share a style marked by the values of this young Italian excellence. I am convinced that the combination of tradition and innovation represents a great resource for our economy and that innovative start-ups such as Barberino’s can express values of absolute interest, promoting not only employment, but also the evolution of artisanal skills such as those of this historic Italian tradition based on craftsmanship and know-how.”

And concluded Claudio Marchisio: “I believe that the pursuit of beauty is an important element for one’s well-being. I find myself perfectly with Barberino’s mission and the values it represents. Wellness, self-care, elegance, and attention to detail are at the center of a multisensory experience that Barberino’s service gives to its guests, who, by using in their daily lives the branded products designed by the company, can stay connected over time to these positive emotions.”

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(Featured image by vahidkanani via Pixabay)

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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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