Mayvenn, an Oakland, CA-based beauty-tech company, raised $40M in Series C funding.
The round was led by Cleveland Ave, with participation from the Growth Equity business within Goldman Sachs Asset Management and a16z.
The company intends to use the funds to support the continued expansion of its digital platform into more productivity tools for stylists.
Led by CEO Diishan Imira, Mayvenn offers both an e-commerce tool and a marketplace for salon services, driving new clientele to a network of over 50,000 hair stylists nationwide. The platform enables stylists to earn money selling beauty products and over the past two years has expanded into a marketplace, offering salon services through its curated network of beauty pros. The services marketplace, combined with the e-commerce platform, lay the foundation for an end-to-end beauty ecosystem encompassing services and products.
Customers can currently find Mayvenn Beauty Lounges inside 5 Walmart’s in Texas. These spaces are both retail shopping experiences for buying hair extensions and wigs, and are virtual booking centers, where customers can digitally browse local Mayvenn network stylists and book salon services. The stores generate both product sale revenue, as well as marketplace salon services revenue. With plans to expand these Beauty Lounges to 400 Walmart locations, this omni-channel strategy will bring scale to Mayvenn’s brand and platform, while driving income to tens of thousands of local hair stylists and small salon businesses.
FinSMEs
13/07/2022