Mr French said the decision to move into Europe was driven by the importance of being close to Inverse's customers and growth opportunities. The global hair care market was estimated to be worth US$83.1 billion ($116.4b) in 2016, according to data supplied by Roholm. The global shampoo and conditioners segment accounts for a significant portion, at US$34b in 2014.
Roholm said the ultimate market for Inverse was mainstream customers, but the company was utilising professional hairdressing sales channels to educate the market, in conjunction with direct e-commerce to build a blended, high-margin sales approach.
Roholm chairman Murray Denyer said the company was seeking further capital to support the continued growth of its distribution network, strengthen its intellectual property portfolio, and raise consumer awareness.
"Inverse is a completely disruptive new product category in a global market segment that loves innovation," he said.
The company has already raised funds from existing angel investors in its current capital raising round, which is targeting $335,123, including Snowball Effect investors. The Snowball Effect offer has a minimum target of $264,883 and a maximum target of $1.5 million.
The Inverse system was the brainchild of Tauranga hairdresser David Roe. Roholm is currently based out the offices of Locus Research, which has played a key role in developing the product, which included working closely with AgResearch and Callaghan Innovation.
"We had quite a strict set of technical constraints we needed to use, and we worked very hard to come up with a device that would deliver what it needed to deliver," said Locus Research general manager Daniel Faris.
Inverse awards
-New Zealand Best Design Awards 2015 - Gold Pin Award
-Australia's Good Design Awards 2016 - Award for Product Design in Sport & Lifestyle
-New Zealand Plastics Industry Design Awards 2016 - Gold in the Personal Care Products category; Silver in Tool Making