07.13.22
Mayvenn, a beauty-tech company with a network of over 50,000 hair stylists nationwide, has announced a $40 million Series C round led by Cleveland Ave, with participation from the Growth Equity business within Goldman Sachs Asset Management and a16z.
Mayvenn's mission is to use technology to empower the professional stylist community. The Mayvenn 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. This unique offering financially empowers the professional beauty community and is simplifying the beauty experience for customers.
Customers can currently find Mayvenn Beauty Lounges inside five Walmarts 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. Furthermore, these retail experiences will be heavily augmented with technology. With plans to expand these Beauty Lounges to 400 Walmart locations, this omni-channel strategy will bring immense scale to Mayvenn's brand and platform.
"I couldn't be more excited to partner with Walmart to bring Mayvenn's brand and platform into the real world," commented Diishan Imira, CEO and co-founder of Mayvenn. "These Mayvenn Beauty Lounges are more than retail experiences - they drive digital bookings to local small salon businesses, bringing them added income, which is core to our mission. This expansion has the potential to elevate the beauty shopping experience for millions, while also scaling the financial impact to the community. The possibilities are endless from here."
"Mayvenn is a leading innovator in the beauty industry. The company has a thoughtful and profitable business strategy that also supports diversity, access and entrepreneurship. Cleveland Avenue is thrilled to partner with Mayvenn's leadership team and support brand expansion into retail outlets including the Company's recent partnership with Walmart," said Dr. Mingu Lee, managing partner, Cleveland Avenue Tech Fund.
Mayvenn's mission is to use technology to empower the professional stylist community. The Mayvenn 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. This unique offering financially empowers the professional beauty community and is simplifying the beauty experience for customers.
Expanding Its Partnership with Walmart
This Series C round of funding will go towards Mayvenn's next big expansion of its ecosystem - a partnership with Walmart to bring tech-enabled, physical beauty experiences into Walmarts across the country. Funds from this raise will also support the continued expansion of Mayvenn's digital platform into more productivity tools for stylists.Customers can currently find Mayvenn Beauty Lounges inside five Walmarts 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. Furthermore, these retail experiences will be heavily augmented with technology. With plans to expand these Beauty Lounges to 400 Walmart locations, this omni-channel strategy will bring immense scale to Mayvenn's brand and platform.
"I couldn't be more excited to partner with Walmart to bring Mayvenn's brand and platform into the real world," commented Diishan Imira, CEO and co-founder of Mayvenn. "These Mayvenn Beauty Lounges are more than retail experiences - they drive digital bookings to local small salon businesses, bringing them added income, which is core to our mission. This expansion has the potential to elevate the beauty shopping experience for millions, while also scaling the financial impact to the community. The possibilities are endless from here."
"Mayvenn is a leading innovator in the beauty industry. The company has a thoughtful and profitable business strategy that also supports diversity, access and entrepreneurship. Cleveland Avenue is thrilled to partner with Mayvenn's leadership team and support brand expansion into retail outlets including the Company's recent partnership with Walmart," said Dr. Mingu Lee, managing partner, Cleveland Avenue Tech Fund.