Madison Reed Inc. announced a $33 million investment led by Sandbridge Capital, with participation from media mogul Jay-Z’s Marcy Venture Partners.
The company plans to use the new capital to add 20 retail locations and 850 licensed colorists in key hubs including New York, South Florida, California, Chicago, Washington and Texas, according to a statement. It’s also seeking to boost its digital business, and in March hired Dollar Shave Club’s Jose Zuniga as chief financial officer.
Founded in 2013 in San Francisco, the company operates 60 hair salons across the U.S., with services ranging from roots coverage to high-end highlighting called balayage. Madison Reed’s hair color products are sold at Ulta, Ulta at Target, on Amazon, by other retailers, and on its website. The company also has a subscription business. The Series G funding brings the company’s total capital raised to about $220 million.
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