US-based hair colouring brand Madison Reed has secured $25m in a round led by Comcast Ventures, the venture capital arm of mass media group Comcast, to expand its network of brick-and-mortar outlets.
The round also included participation from venture capital firms Norwest Venture Partners (NVP), True Ventures and Calibrate Ventures.
Founded in 2013, Madison Reed develops hair colouring products that are free from harsh chemicals such as ammonia. It also offers an online assessment service to help customers find their perfect colour.
Initially a digital-only company that sold products through its online store, Madison Reed now has two colour bars in New York and San Francisco, and plans to use the funding to open 25 more by the end of 2019.
Madison Reed raised $13m from undisclosed investors in February 2017, after closing a $16.1m series C round in 2015 that included Comcast Ventures, NVP, True Ventures and Shea Ventures, the corporate venturing arm of property developer JF Shea.
NVP led Madison Reed’s $12m series B round in 2014, investing alongside True Ventures and Maveron, both of which participated in the company’s $4m series A in 2013 together with assorted angel investors.
Amy Errett, co-founder and CEO of Madison Reed, said: “We have focused on catering to women who are comfortable doing their hair colour at home and we will continue to do so.
“Now with the colour bars, we also have a solution for women who want the help of a professional Madison Reed colourist, while saving time and money.”