Madison Reed raises USD12m Series B led by Norwest Venture Partners
Madison Reed has raised USD12m in a Series B round of funding led by Norwest Venture Partners (NVP).
Previous investors, True Ventures and Maveron, also participated in this round.
The company, which launched today, leverages e-commerce technology to deliver salon-quality hair colouring formulas, immediate, personalised hair assessment, and at-home delivery to consumers.
"We found a way for women to have it all—the premier salon experience they deserve with the at-home convenience they need," says Amy Errett, Madison Reed CEO and co-founder. "This investment enables us to make quality and ease in hair colouring a reality for any woman. We will continue to create a superior product and have technology enable the best customer experience, from custom online consultations, and certified trained colourists that are on-call, to a mobile app that lets customers shop from anywhere and apply colour formulas hands-free."
A 2012 IBISWorld report shows that at USD10bn, hair colour is the largest fast-growing major category of salon products.
"The beauty industry is ripe for innovation and hair colouring in particular has long been divided between elite salons and low-quality do-it-yourself boxes," says Jeff Crowe, NVP managing partner. "The Madison Reed team has developed a completely new approach by pairing the power of technology and e-commerce with new advancements in hair treatment products to open the door of a tremendous market opportunity."
Madison Reed is headquartered in San Francisco, and previously raised a USD3.9m Series A from True Ventures and Maveron in April 2013.
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