Drybar Nabs $16 Mil in Funding, Plans Expansion

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Drybar just got a huge infusion of cash and they're planning on expanding like crazy. Private equity firm Castanea Partners has coughed up $16 million to fund the two-year-old company, and one of its operating partners has joined the Drybar board of directors and personally invested in the company. Started in Brentwood by stylist Alli Webb, Drybar now has 13 locations with a 14th opening next week at Le Parker Meridian in NYC. And later this spring, Manhattan Beach and Westlake Village will get their very own Drybars. Webb is also developing her own product line for the brand, to launch at an undetermined date.
· Drybar Gets Investment [WWD, sub req]