OAKLAND, Calif., July 29, 2020 /PRNewswire/ -- Mayvenn, the largest and only Black-owned, venture backed tech company and empowerment network in the hair and beauty industry, has donated $1.25 million to 2,500 hairstylists across the country who struggled to make ends meet as their salons were shuttered during the COVID-19 pandemic. The company launched its #SavetheSalon in May with a ten-to-one match of every dollar donated by the community, backed by a slate of prestigious donors. In June, Mayvenn paid $500 relief checks via its proprietary InstaPay system directly into the bank accounts of active stylists at a time when small business owners and entrepreneurs grappled with cumbersome unemployment insurance applications and experienced long delays in receiving state and federal aid. Mayvenn also went a step further and donated masks and gloves to salons across the country to lessen operating expenses as salons re-opened with a fraction of their normal clientele and needed to keep everyone safe.
"I knew we had to do something," said Mayvenn CEO and Hampton University Alum Diishan Imira. "It became clear that we couldn't count on our government to support these black entrepreneurs. This wasn't just lost corporate revenue, it was rent, groceries, utility bills, booth fees, car payments, health care, and much more. Although some companies offered the ability to delay payments, stylists and salon owners would fall behind and this would impact their businesses. Thanks to our very generous donors and support from our own community, we were able to provide this assistance."
The success and impact of #SavetheSalon campaign was bolstered by notable donors, including Twitter CEO Jack Dorsey, Serena Williams, Ben and Felicia Horowitz, The Charles and Lynn Schusterman Family Foundation, and the Libra/Pritzker Family, who did not hesitate in supporting Diishan's vision for delivering direct relief to hairstylists and salons, and multiplying community support.
Founded by Oakland native and Hampton University alum Diishan Imira in 2013, Mayvenn has become the largest and only Black-owned, venture-backed tech company and empowerment network that strengthens and rewards black entrepreneurship in the hair and beauty industry. With 90 percent of Mayvenn's network consisting of black women beauty professionals and customers, Mayvenn recognizes that supporting salons and independent hair care experts creates a rising tide for entire communities. Mayvenn's mission as the first all-inclusive virtual hair salon offering end-to-end service for buying hair products and booking local salon services is to help grow black businesses while providing quality, affordable hair care and styling for a fraction of the normal cost. To date, Mayvenn has generated over $120 million in revenue and has paid out over $25 million to professionals nationwide, and an additional $1.25 million in relief funds during the COVID-19 pandemic. The company leverages its proprietary InstaPay system to deliver payments directly into the accounts of beauty professionals in its network. CEO Diishan Imira has raised $41 million in venture funding from Andreesen Horowitz, Essence Ventures, Serena Williams, Jimmy Lovine, Andre Iguodala, and other notable investors, family, and friends. Mayvenn has a diverse team of 64 corporate employees located in the Bay Area, and a continuously growing network of thousands of beauty professionals nationwide who have cultivated a virtual community where they market their services, share their expertise, and showcase their entrepreneurial successes.
Janice McCafferty Communications