Black-Owned Beauty And Tech Company Mayvenn Raises $40M In Series C Funding Round
Black-owned beauty and tech company Mayvenn has announced that it raised $40 million in a Series C funding round.
Leading investments came from Chicago-based venture fund Cleveland Avenue, with participation from the Growth Equity business within Goldman Sachs Asset Management and a16z.
Mayvenn allows consumers to search for and book hair stylists in their local area. In addition, stylists are able to operate their businesses on the platform, including selling products and marketing their salon-based services. The company says it is now home to over 50,000 hair stylists across the country.
As part of its collaboration with Walmart, Mayvenn has introduced its Beauty Lounges to five Walmart locations in Texas, bringing the business from online to in-store. At the lounges, consumers are able to buy wigs and hair extensions, digitally browse Mayvenn’s network of stylists, and book salon services.
With the latest round of funding, Mayvenn’s co-founder and CEO, Diishan Imira, plans to expand its partnership with Walmart, creating more in-store Mayvenn Beauty Loungs within Walmart nationwide.
“I couldn’t be more excited to partner with Walmart to bring Mayvenn’s brand and platform into the real world,” Imira, an Oakland native and HBCU graduate, told Forbes.
“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 looking to bring its Beauty Lounges to 400 additional Walmart locations.