At-home hair-color firm Madison Reed has raised $16.1 million in Series C funding.
Comcast Ventures and Shea Ventures led the latest fundraising round. Norwest Venture Partners and True Ventures, both of which are existing investors in Madison Reed, also made additional investments in the firm. The previous raise with Norwest and True was $15.9 million, in two parts. The aggregate raise is $32 million.
Madison Reed was cofounded by Amy Errett, who was a general partner at venture firm Maveron prior to starting the hair-color firm. The company’s niche is to remove harsh dye chemicals, such as ammonia, from hair care. Consumers snap a picture of their hair and e-mail it to a certified colorist for the appropriate color match. According to Madison Reed, it is bridging the gap in the $50 billion hair-care industry between salon-quality performance and at-home, affordable convenience. It plans to use the funding to build upon its current product line and increase its technology-innovation capability.
Sam Landman, managing director at Comcast, said, “I saw how exceptionally ambitious the company is, and I’m looking forward to continuing the relationship to innovate their product and the way they connect with their audience through TV and our media channels.”
Madison Reed said it plans to leverage Comcast’s media relationships with Comcast/NBCUniversal to expand its television advertising and marketing efforts.
Erret said, “We have a huge opportunity to completely reinvent the way the women are coloring and caring for their hair by using technology, real-time access to licensed colorists, and better-for-you ingredients to deliver a superior result directly to consumers.”
Jeff Crowe, managing partner at Norwest Ventures, said, “Madison Reed is at the forefront of a new wave of consumer goods companies that sell healthier products directly to customers.”
Madison Reed’s product line has expanded beyond permanent hair color to include Root Touch Up, Semi-Permanent Gloss and additional care and styling products. The online firm also has hair-care products that include shampoo, conditioner and a range of accessories.