US-based hair colouring brand Madison Reed secured $52m yesterday from investors including financial information provider The Motley Fool, mass media group Comcast and property developer JF Shea.
Venture capital firm True Ventures led the round, which included Norwest Venture Partners (NVP), investment banking firm Goldman Sachs, Portfolia’s Rising America Fund and FirstStep Fund.
The corporates participated through investment vehicles Motley Fool Ventures, Comcast Ventures and Shea Ventures respectively. The round boosted the company’s funding to at least $173m since it was founded in 2013.
Madison Reed produces permanent hair colour products that are free from chemicals such as ammonia and designed to be used in beauty salons or in the home. It also operates a network of hair colour bars across the United States.
NVP and True Ventures co-led Madison Reed’s $51m series D round in early 2019, investing alongside Comcast Ventures and Meaningful Partners.
Comcast Ventures had previously led a $25m round for the company in October 2017 that included NVP, True Ventures and Calibrate Ventures, following $13m from undisclosed investors in February the same year.
Madison Reed had received $16.1m in a 2015 series C round featuring Shea Ventures, Comcast Ventures and existing investors NVP and True Ventures. Its earlier backers include Maveron and Gaingels.
Image courtesy of Madison Reed, Inc.