Sniph gears up with big name investors and begins European expansion
The innovative Swedish perfume service Sniph has raised 5 million SEK from new and existing owners in its latest investment round to fund the company’s international expansion. First up is a launch in the UK, to be followed by the rest of Europe.
There is potential in scents. In 2024 the global fragrance market is estimated to be worth 92 billion dollars*, and Swedish startup Sniph intends to be player in that market. The company offers a subscription service for perfume, where the customer gets to sample and discover a new scent from an exclusive perfume house every month. The company has raised capital in the amount of 5 million SEK in an investment round in order to expand the business.
Sniph’s existing owners – media entreprenur Peter Settman, sibling business angels Helena Herlogsson and Fredrik Månsson, and Sting – have choosen to reinvest in the company. New investors include previous Spotify investor Rosello and a number of business angels, among them Anna Ljungbergh, Fredrik Berglund and Tara Derakshan. Tara Derakshan will also be joining the company’s management team.
Challening the perfume industry: launching in the UK
Sniph wants to challenge the traditional perfume industry and allow consumers to easily discover new scents and niche perfumes. As a first step in their international expansion, Sniph launched their service in the UK market on November 21. Additional markets will be added soon.
The company is also bulking up their digital marketing muscle by bringing on Tara Derakshan as Chief Experience Officer (CXO). Tara joins the team of four founders, bringing with her experience from being Global Marketing Director for digital media company Kiosked in London and previously Marketing Manager at World Childhood Foundation in New York.
– With unique experience in global tech marketing and branding Tara is a dream addition to the team. She has a great ability to think big and act with a personal touch. With her passion for fragrance Tara will be extremely important to us as we take ‘perfume as a service’ to new levels, says Lisa Kjellqvist, CEO and co-founder.
– In the same way that the music industry was outdated before Spotify, the perfume industry is obsolete and ready for change and digitization. By combining our passion for fragrance with data driven customer insight, we will revolutionize the perfume industry and make perfume shopping a personal experience, says Tara Derakshan, CXO and co-founder.
Sniph is a subscription service that makes it easy to discover new scents from exclusive perfume houses. Each month, subscribers get to try a new scent, which is sent to them in a 7 ml bottle. The service costs 99 SEK/month and subscriptions run month to month.
Sniph launched in Sweden in 2015 and in November 2017 in the UK. The company has since sent over 20 000 perfume bottles to their subscribers since the start, and has more than doubled its sales between 2016 and 2017.
Sniph want to challenge the traditional perfume industry by focusing on smaller niche players that previously stood in the shadow of the global perfume giants. Sniph has agreements with 30 exclusive niche perfume houses, including Swedish Agonist, French Heeley Parfums, Etat Libre d’Orange and Brittish Miller Harris.
The scents are divided into six collections, to help users easily find the scents they like. The six collections are:
Trending Now – for those who want the latest trends.
Clean – for those who want to smell light, clean and fresh.
Female Classics – for those who like safe bets and timeless fragrances.
Avant-garde – for those who want complex, experimental scents.
Work/Play – for men who want to smell right both on the job and in the club.
Aesthetic – for men who want to embrace the original and playful.
Read more at www.sniph.com
Lisa Kjellqvist: firstname.lastname@example.org, +46 709 31 25 27
Tara Derakshan: email@example.com +46 708 76 24:22