SAN FRANCISCO, Jan. 29, 2019 /PRNewswire/ -- Madison Reed, a prestige hair color brand, today announced a growth capital raise of $51 million spearheaded by existing investors: Norwest Venture Partners and True Ventures led the round, with participation from Comcast Ventures. New investor Meaningful Partners also joined the Series D funding.
The investment will enable Madison Reed – recipient of a 2018 Allure Best of Beauty Breakthrough Award – to accelerate the expansion of its omnichannel strategy:
- Online: Madison Reed plans to expand its suite of proprietary hair colors, introduce new products, utilize television advertising as a new customer acquisition channel, and build upon its reputation as a beauty innovator by unveiling new technology.
- Retail: Madison Reed Color Bars are a brick-and-mortar manifestation of the company's online experience, where professionals apply the company's formula in a fast and affordable setting. Currently, six Color Bars are open in New York City and San Francisco. That number will grow to 40 locations nationwide by the end of 2020.
- Wholesale: After two years of successful collaboration, Madison Reed is pleased to announce that it now has an exclusive partnership with Ulta Beauty, both online and in stores.
To join her at the helm, Madison Reed CEO and Founder Amy Errett has chosen two veteran executives with expertise at rapid expansion and strategic growth initiatives:
- Brian Bouma is Madison Reed's first-ever Chief Operating Officer. Over the course of his career, Bouma has operated companies that sold for a combined $1.9 billion. While serving as president of 24-Hour Fitness, the fitness chain opened or acquired more than 300 locations nationwide and grew to 15,000 employees. He also served on the board of One Medical for six years.
- Carrie Kalinowski is Madison Reed's new Chief Financial Officer. Previously Kalinowski was CFO of NatureBox, where she played a critical role in scaling operations and achieving more than 100% annual revenue growth. During her earlier tenure at Silver Spring Networks, Kalinowski was instrumental in growing the networking company from early stage through a successful initial public offering on the New York Stock Exchange.
"Brian and Carrie join an immensely talented C-suite. With their experience, Madison Reed is uniquely positioned to scale and execute our omnichannel strategy," said Amy Errett. "Our goal is to meet the needs of our customers wherever it is most convenient for them, be that at home, in our Color Bars or at a top beauty retailer such as Ulta. We are truly channel agnostic, which is a first for the hair color industry, as is our creation of a prestige hair color sold directly to consumers."
"Madison Reed's omnichannel strategy makes them one of the most exciting brands in beauty, and we are proud to be their partner," said Jeff Crowe, managing partner at Norwest Venture Partners. "Amy has turned her vision for Madison Reed into a nationwide phenomenon and now leads the hair color sector in innovation and growth."
"It's our pleasure to continue to support the Madison Reed team, Amy, and her world-class leadership team as they expand the brand's offerings and open the doors to additional Color Bars across the country," said Jon Callaghan, co-founder of True Ventures. "Next-generation brands like Madison Reed inspire a new kind of relationship between consumer and brand, and are redefining what is possible in large categories like beauty. We're thrilled for Amy and the entire crew at Madison Reed as they uplevel, yet again."
About Madison Reed:
Madison Reed is a beauty company revolutionizing the way women color their hair.
The fast-growing startup has created a luxurious, prestige, hair color formula made with ingredients you can feel good about. For those who prefer to color their hair at home, Madison Reed uses proprietary color-matching technology and a team of professional, on-call colorists to help women choose the perfect shade of hair color, which is delivered to their door for under $25. For women who prefer to have Madison Reed color applied with the help of a professional, Madison Reed Color Bars are open in six locations in New York City and San Francisco with more coming soon. Products can be found online at www.madison-reed.com and www.ulta.com, or in store at Ulta Beauty and Madison Reed Color Bars.
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SOURCE Madison Reed