Madison Reed has received $33 million in new financing led by Sandbridge Capital (Ilia, Youth to the People, etc.) with participation from Marcy Venture Partners (Merit).
The brand will use the funds to scale its successful omnichannel business. Jose Zuniga recently joined the company as CFO to drive the expansion, which includes 60 hair color bars in the United States, retail partnerships and a direct-to-consumer business.
Moving forward, the brand seeks to expand the bars to 80 locations by the end of 2022, and hiring 850 new colorists, "who will earn 3x more than in a traditional salon, while receiving full-time benefits," per an official announcement. Key expansion areas include New York City, south Florida, California, Chicago, Washington, D.C. and Texas.
Finally, the brand will grow its omnichannel offerings and expand the company's color, care and maintenance product portfolio across retailer channels such as Ulta and Ulta Beauty at Target, Madison-Reed.com, and Amazon.com.
"Madison Reed was built on the belief that salon-gorgeous hair color should be convenient, affordable and made with ingredients women can feel good about," said Amy Errett, CEO and Founder of Madison Reed. We have achieved this by showing women that Madison Reed products and services give them agency and autonomy when it comes to coloring their hair, with high-quality results through our at-home products or in our 60-plus nationwide Hair Color Bar locations."
Errett continued, "As we continue to grow our geographic and retail footprint, we couldn't be more excited to partner closely with Sandbridge Capital and Marcy Venture Partners in this chapter of expansion. Their deep retail and beauty experience will be critical as we enter our next stage of growth."
"We are highly enthused to be partnering with Amy and the exceptional Madison Reed team as the brand continues to disrupt the industry with its dedicated focus on delivering only the highest quality ingredients to the hair care market," said Ken Suslow, Sandbridge Capital founder and managing partner. "Madison Reed's innovative omnichannel approach maximizes convenience while delivering a compellingly modern consumer experience across the board. Sandbridge is proud to join the Madison Reed team in support of their important category defining mission."
