Colgate-Palmolive Makes an Investment in Hubble in Effort to Expand Direct-to-Consumer Model
Monday, July 9, 2018 12:24 AM
NEW YORK—Colgate-Palmolive Co.
has made an investment in Hubble
, the contact lens subscription service, a Colgate-Palmolive spokesman confirmed to VMAIL on Friday. He said the consumer products company has not provided any additional details on the transaction. “Online subscriptions are already a fast-growing part of our Hill’s pet nutrition business, which began with Amazon five years ago,” the Colgate-Palmolive spokesman told VMAIL
in an email message. “Our strategy is to expand direct-to-consumer initiatives in selected product categories, and the investment with Hubble will accelerate our progress.”
Hubble, which markets its own brand of contact lenses via its subscription service, announced in the summer of 2017 a $10 million financing round, as VMAIL reported
The news of a potential partnership between Hubble and Colgate-Palmolive was reported last week by The Wall Street Journal, which said Colgate would take a minority ownership position in the contact lens startup and that the companies would explore the possibility of developing subscription services to sell certain Colgate items, such as teeth-whitening products. A Hubble spokeswoman declined to comment on the newspaper’s report.
Hubble launched in November 2016 and has grown at a rapid rate. It also has raised more than $30 million in venture capital, as VMAIL has reported. The subscription service offers consumers their first box of Hubble contact lenses for free, according to the company’s website.