Madison Reed, a US-based home hair-colouring brand backed by mass media group Comcast and property developer JF Shea, has received $13m in funding from undisclosed investors, TechCrunch has reported.
Founded in 2013, Madison Reed produces a nutrient-rich formula that customers can use to colour their hair at home. The formula is made without many of the potentially harmful elements contained in traditional products, such as ammonia, phthalates or gluten.
The company had previously raised $32m in funding, its last round being a $16.1m series C in 2015 that included Comcast and Shea’s respective corporate venturing units, Comcast Ventures and Shea Ventures, as well as Norwest Venture Partners and True Ventures.
Norwest, True Ventures and Maveron had supplied Madison Reed’s earlier funding along with various angel investors across rounds in 2013 and 2014.
The latest funding was secured over the past year, during which Madison Reed opened a brick-and-mortar outlet in New York, began selling its products on television shopping network and, founder and CEO Amy Errett told TechCrunch, doubled its revenue.
– Photo courtesy of Madison Reed, Inc.