NEW YORK — Studs, an ear piercing experience and earrings brand, has announced a $20 million Series B funding round, bringing its total funding to date to $30 million. Spark Capital led the round with participation from existing investors, including Thrive Capital, First Round Capital and Lerer Hippeau. This financing follows a previously unannounced Series A round led by Thrive Capital.
Studs will use this new injection of capital to fuel the national expansion of its retail locations, Studs Studios, and the growth of its e-commerce as the brand continues to build a new consumer category of Earscaping. Despite closing its retail locations during the pandemic, the brand reports its e-commerce channel grew by 30x and opened four new physical studio locations in Los Angeles, Austin, and Boston this year with three more locations on the Upper East Side, Austin and Miami to open by end of year.
The company was founded in 2019 by Anna Harman and Lisa Bubbers.
“This strategic funding will help accelerate our growth so we can bring our industry-leading piercing experience to more markets across the U.S., while expanding our online offering to meet the needs of our growing customer base,” said Anna Harman, CEO & Co-founder of Studs. “Customers are celebrating self-expression and marking milestones with multiple ear piercings, and we’re excited to help them upgrade their Earscape through a truly differentiated experience.”
While the retail industry has faced challenges rebounding, Studs has experienced a surge in piercing demand, and its stores are performing at pre-COVID-19 levels, with an average four-week wait for piercing appointments. Meanwhile, the brand’s earring drops continue to sell out quickly and fuel growth of the e-commerce business. The recent “Studs Loves New York” campaign was the most successful e-commerce launch to date and included the launch of the brand’s mobile piercing experience, Studs on Wheels.
“Studs’ authentic service, direct relationship with its customer and ethos of bold-self expression resonates with today’s audience in an unprecedented way,” said Kevin Thau, General Partner at Spark Capital. “With this new capital we’re excited to support Studs on their national takeover and their mission to reimagine this category for a new generation.”
“In just a short period of time, the Studs team has built a great brand and a trusted relationship with consumers,” said Nabil Mallick, General Partner at Thrive Capital. “We’re confident it will be the defining company in its category and excited for this next phase of the business.”