Madison Reed, a prestige hair color brand, has announced a $25 million Series financing round led by Comcast Ventures with participation from previous investors including Norwest Venture Partners, True Ventures and Calibrate Ventures.
"We have been a minority investor in Madison Reed and have worked closely with the company on TV and media expansion," said Sam Landman, managing director, Comcast Ventures. "We have watched the growth and execution, and we wanted to be a larger investment partner to the company as they scale and add Color Bars to their already fast-growing business. We are delighted to lead this round and look forward to the continued growth and success."
This round of capital will be used to rapidly expand the digitally native company's current business, as well as expand its physical footprint: Madison Reed Color Bars – currently in New York City and San Francisco – will open in 25 locations by the end of 2019. Madison Reed Color Bars offer fast, affordable hair color services for busy women everywhere. Customers can visit a Madison Reed Color Bar and have their roots colored for $60 and in half the time of a salon visit.
"The reaction to our Color Bar concept has been astounding," said Amy Errett, Madison Reed CEO and co-founder. "We have focused on catering to women who are comfortable doing their hair color at home, and we will continue to do so. Now with the Color Bars, we also have a solution for women who want the help of a professional Madison Reed colorist, while saving time and money."
Errett continued, "We are extremely excited to work with Comcast and all of our investors to execute this rapid plan. Our mission is to meet our clients wherever they are – at home or in the salon – with superior, prestige hair color products that have ingredients you can feel good about."