African American-focused media holding company Essence Ventures has led a $23m series B round for US-based hair product developer Mayvenn, Forbes reported on Wednesday.
Mayvenn sells African American hair products including extensions and wigs through a network of hair stylists and salons who can recommend them to customers.
The company is also establishing a scheme whereby customers can buy hair directly from the company and then get matched with a local stylist who can put it in for them.
Richelieu Dennis, founder and chairman of Essence Ventures, told Forbes: “They are taking a lot of friction out of the process and creating data economics for the professionals and the stylists, and greater value for the consumers.”
Mayvenn secured $3m in a 2013 seed round before venture capital firm Andreessen Horowitz led its $10m series A two years later.
The company’s other earlier backers include VC firm Cross Culture Ventures, tennis professional Serena Williams and Jimmy Iovine, co-founder of record company Interscope. It also participated in 500 Startups’ accelerator in 2013.
Photo courtesy of Mayvenn.
