US-based hair colouring product supplier Madison Reed received $51m on Tuesday in a series D round that included Comcast Ventures, the corporate venturing arm of mass media group Comcast.
Venture capital firms Norwest Venture Partners (NVP) and True Ventures co-led the round, which also featured growth equity firm Meaningful Partners.
Founded in 2013, Madison Reed produces hair colouring products marketed to beauty salons and consumers as luxury products which lack harsh ingredients such as ammonia. It also offers an online evaluation service to help customers find a suitable hair colour.
The funding will allow the company to enhance its multi-channel distribution strategy, which includes sales through an online portal and a range of professional demonstration outlets known as “Color Bars”, as well as via a wholesale partnership with cosmetics retailer Ulta Beauty.
Madison Reed recently expanded its management team with the addition of Brian Bouma, formerly president of fitness chain 24-Hour Fitness, as chief operating officer, and appointed Carrie Kalinowski, previously of snack catalogue operator NatureBox, as its new chief financial officer.
The company has now raised $121m in funding to date. Comcast Ventures led a $25m round in October 2017 with participation from NVP, True Ventures and Calibrate Ventures, adding to $13m it had received from undisclosed investors eight months earlier.
Shea Ventures, the corporate venturing arm of property developer JF Shea, had invested in Madison Reed as part of its $16.1m series C round, which closed in 2015 with contributions from Comcast Ventures, NVP and True Ventures.