Madison Reed Raises $33M Amid Rapid Expansion of its Hair Color Bars and Retail Footprint

The Hair Color Disruptor Now Operates More Than 60 Hair Color Bars Nationwide, Along with a Growing Direct-to-Consumer Business and Retail Presence

SAN FRANCISCO, April 28, 2022 /PRNewswire/ -- Madison Reed, the prestige beauty brand that has revolutionized the hair color industry, today announced $33 million in new financing led by Sandbridge Capital, with participation from Marcy Venture Partners. Through this strategic investment, Madison Reed will leverage Sandbridge Capital and Marcy Venture Partners' global expertise across the modern retail and beauty space in order to increasingly scale its successful omnichannel business. Since launching in 2014, Madison Reed has redefined the way women color their hair through its prestige product portfolio, coupled with its omnichannel business model comprising of its Hair Color Bar business, direct-to-consumer offering, and nationwide retail footprint.

"Madison Reed was built on the belief that salon-gorgeous hair color should be convenient, affordable and made with ingredients women can feel good about. We have achieved this by showing women that Madison Reed products and services give them agency and autonomy when it comes to coloring their hair, with high-quality results through our at-home products or in our 60+ nationwide Hair Color Bar locations,"  said Amy Errett, CEO and Founder of Madison Reed. "As we continue to grow our geographic and retail footprint, we couldn't be more excited to partner closely with Sandbridge Capital and Marcy Venture Partners in this chapter of expansion. Their deep retail and beauty experience will be critical as we enter our next stage of growth."

This funding will accelerate Madison Reed's Hair Color Bar growth, as the company plans to operate 80 locations by the end of the year, giving women access to salon-gorgeous hair color, applied by a licensed professional, at a fraction of the time and cost of traditional salons. The company also plans to hire 850 new colorists in 2022, who will earn 3x more than in a traditional salon, while receiving full-time benefits. The key regions Madison Reed is targeting further expansion in includes major hubs such as New York City, South Florida, California, Chicago, Washington D.C. and Texas.

In addition to its Hair Color Bar business, Madison Reed is using this new round of financing to grow its omnichannel offerings and expand the company's color, care and maintenance product portfolio through new innovations that are always Smart 8-Free and Leaping Bunny Certified. This growth consists of Madison Reed's established wholesale business in retailers including Ulta and Ulta Beauty at Target, along with its strong recurring customer base online at Madison-Reed.com and Amazon.com.

"We are highly enthused to be partnering with Amy and the exceptional Madison Reed team as the brand continues to disrupt the industry with its dedicated focus on delivering only the highest quality ingredients to the hair care market," said Ken Suslow, Sandbridge Capital Founder and Managing Partner. "Madison Reed's innovative omnichannel approach maximizes convenience while delivering a compellingly modern consumer experience across the board. Sandbridge is proud to join the Madison Reed team in support of their important category defining mission."

In March, Madison Reed hired Jose Zuniga as its Chief Financial Officer. Zuniga hailed from Dollar Shave Club, and is tasked with driving Madison Reed's omnichannel expansion. For more information, please visit www.madison-reed.com.

About Madison Reed
Founded in 2013, Madison Reed is the prestige beauty brand revolutionizing the way women color their hair. Madison Reed offers clients over 55+ shades of gorgeous color, Smart 8-Free formulas developed in Italy, technology, personalized service, and the freedom to get salon-gorgeous results whether they color their hair at home or by a professional colorist in one of Madison Reed's 60+ and counting Hair Color Bars across the country. Products can be found online at www.madison-reed.com, Amazon, Madison Reed Hair Color Bars, Ulta and select Ulta at Target locations, in addition to DoorDash delivery.

About Sandbridge Capital
Sandbridge Capital is a private investment firm with offices in Los Angeles and New York that invests exclusively in high growth global consumer brands, including Youth to the People, ILIA, Thom Browne, Hydrow, Rossignol and Farfetch. Since its founding with the backing of an iconic group of consumer industry operators and advisors, Sandbridge has been strategically partnering with brands in the beauty, luxury, health and wellness, and disruptive consumer-based technology segments. For more information on Sandbridge, please visit http://www.sandbridgecap.com.

About Marcy Venture Partners
Marcy Venture Partners (MVP) was Co-Founded by Shawn Carter (JAY-Z), Jay Brown and Larry Marcus. MVP has a passion for building innovative businesses and mass-market brands. The firm invests in Consumer & Culture with an emphasis on positive impact including sustainability, inclusivity, accessibility, empowerment and health & wellness. Our companies are led by exceptional management teams with clear vision, purpose and executional excellence. We lead or co-invest in companies that have meaningful brand values, high customer joy driven by an outstanding product, demonstrated growth and clear catalysts for the next level of scale. https://www.marcyvp.com

SOURCE Madison Reed