Madison Reed announced a $52 million financing round to continue to fuel its omnichannel expansion and build upon the 130% percent growth it saw during 2020. The round was led by True Ventures, an investor in Peloton, Ring and Blue Bottle Coffee. The round includes participation from previous investors Norwest Venture Partners, Comcast Ventures and Shea Ventures. New investors include Goldman Sachs, Motley Fool Ventures, Portfolia Rising America Fund and Portfolia FirstStep Fund.
Madison Reed’s hair color is accessible at madison-reed.com and Ulta Beauty and in Madison Reed Hair Color Bars nationwide. The company experienced 130% growth in 2020 and its customer base nearly doubled. During the peak of the COVID-19 surge, consumers bought the brand’s hair color kits every five seconds, the company said. The brand also opened 16 new Hair Color Bars.
“What 2020 demonstrated is something we’ve always known: hair color is a category that’s essential to every woman,” said Madison Reed Founder and CEO Amy Errett. “Our business surged as hundreds of thousands of customers across the country turned to a brand they could trust to deliver salon-gorgeous results with a formula made with ingredients they could feel good about.”
The company operates over 30 locations in a dozen major metro areas and plans 60 Hair Color Bars by the end of 2021.