‘Just for Men’ funder backs Raleigh haircare company which also has new CEO

RALEIGH – Virtue Labs looks to drive more growth in its biotech haircare product lineup with new funding led by the backer of products such as Just for Men and Odor Eaters. The Raleigh company, which has been supported by Hollywood celebrity Jennifer Garner, also as a new CEO.

The executive change and the cash infusion from majority owner Combe and other backers – amount of which was not disclosed – were announced Monday.

Company founder Melisse Shaban remains with the company as an advisor to the board and its new CEO.

Taking over is Jose Luis Palacios who has worked at Procter and Gamble, Coty and at Google.

“Jose Luis is a visionary leader, and an experienced operator, with a proven track record of driving growth and innovation in the consumer brands industry. He brings a wealth of experience and expertise to Virtue, and we are confident that he will lead us to new heights of success,” said John Rice, chairman of Virtue.

Added Combe executive chair Keech Combe Shetty: “I am excited for Virtue’s future under Jose Luis’ leadership, and am delighted to continue supporting the growth and development of a brand that is having an incredibly transformative impact on the health of our consumers’ hair.”

Virtue Labs raised more than $3.6 million last year, according to an SEC filing, as part of a projected $12 million round. It raised more than $28 million in 2020.

“I am honored and excited to join Virtue, a company that is transforming the hair care industry with its groundbreaking and proprietary technology and incredible products,” Palacios said in a statement. “I look forward to working with the talented team at Virtue to accelerate our growth and development across digital, retail and salon channels, in the US and Internationally, and to deliver exceptional value to our customers, consumers, partners and shareholders.”