Ad Agency/Investment Firm Bullish Is Betting Big on Shampoo

By Patrick Coffee 

Bullish, the New York-based “most dangerous agency” launched by Deutsch veterans Michael Duda and Brent Vartan nearly two years ago, always told the press that they were a combination ad agency and investment firm.

We were a little skeptical … but it’s a real thing. (Hence the name, get it?)

A week ago, AdAge reported that Bullish had ended its relationship with GNC after a messy Super Bowl spat with Fox Sports in order to invest an estimated quarter of a million bucks in Care/of, a subscription-only vitamin supplement service.


Now the company has made public a second investment—this one in Function of Beauty, a company that makes personalized shampoos. It’s the group’s fifth such investment overall.

Yes, that’s right. The brand’s own self-description reads, “We use proprietary algorithms, developed by MIT engineers, to produce personalized hair care products tailored to your unique hair profile and hair goals.”

Bullish celebrated the announcement with a classic banner ad. $5 off your first order!

Duda told us today that the investment is in “the low six digits” as with Care/of.

Business Insider reviewed the Function of Beauty customer experience earlier this month, calling it “fun, if not exactly life-altering.” Perhaps more importantly, Cindy Gallop is a fan.