Prestige hair color brand Madison Reed has secured $51 million in Series D financing, bringing its total capital raised to $121 million. The funding, spearheaded by existing investors, Norwest Venture Partners and True Ventures, will be used to accelerate its omnichannel strategy, which includes online, retail and wholesale strategic growth initiatives.
Among the new plans includes the expansion of its hair color portfolio, new product launches, innovative technology roll-outs and tapping into T.V. advertising to attract new customers. In brick-and-mortar, the San Francisco-based online hair color company is aiming to grow from six to 40 locations nationwide by the end of 2020, and after a two-yearsuccessful collaboration with Ulta Beauty, the company has announced its exclusive partnership with the retailer, both online and in stores.
To help lead its rapid expansion and strategic growth initiatives, two veteran executives have been hired to work alongside the company’s CEO and Founder, Amy Errett. Brian Bouma has joined as Madison Reed’s first-ever Chief Operating Officer. He is well-known for his work with 24 Hour Fitness, where he grew the chain to 300 locations and to 15,000 employees. And, Carrie Kalinowski has joined as Chief Financial Officer.She previously held the role of CFO of NatureBox, where she was instrumental in scaling operations and achieving more than 100 percent annual revenue growth.
“Brian and Carrie join an immensely talented C-suite. With their experience, Madison Reed is uniquely positioned to scale and execute our omnichannel strategy,” said Amy. “Our goal is to meet the needs of our customers wherever it is most convenient for them, be that at home, in our Color Bars or at a top beauty retailer such as Ulta Beauty. We are truly channel agnostic, which is a first for the hair color industry, as is our creation of a prestige hair color sold directly to consumers.”