04.28.22
Madison Reed has announced $33 million in new financing led by Sandbridge Capital, with participation from Marcy Venture Partners. Through this investment, the hair color company says it will leverage Sandbridge Capital and Marcy Venture Partners’ global expertise as it continues to scale its omnichannel business.
This funding will accelerate Madison Reed’s Hair Color Bar growth, as the company plans to operate 80 locations by the end of the year. The company also plans to hire 850 new colorists in 2022, who will earn 3x more than in a traditional salon, while receiving full-time benefits. The key regions Madison Reed is targeting further expansion in includes major hubs such as New York City, South Florida, California, Chicago, Washington D.C. and Texas.
The company opened its first service location/color bar in San Francisco. In 2017, a successful pop-up shop prompted the company to open its second permanent location.
“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. 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+ nationwide Hair Color Bar locations,” said Amy Errett, CEO and Founder of Madison Reed. “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.”
In addition Madison Reed said it is using this new round of financing to grow its omnichannel offerings and expand the company’s color, care and maintenance product portfolio. This growth consists of Madison Reed’s established wholesale business in retailers including Ulta and Ulta Beauty at Target, along with Madison-Reed.com and Amazon.com.
“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,” added 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.”
In March, Madison Reed hired a former Dollar Shave executive, Jose Zuniga, as its CFO. He is responsible for Madison Reed’s omnichannel expansion.
This funding will accelerate Madison Reed’s Hair Color Bar growth, as the company plans to operate 80 locations by the end of the year. The company also plans to hire 850 new colorists in 2022, who will earn 3x more than in a traditional salon, while receiving full-time benefits. The key regions Madison Reed is targeting further expansion in includes major hubs such as New York City, South Florida, California, Chicago, Washington D.C. and Texas.
The company opened its first service location/color bar in San Francisco. In 2017, a successful pop-up shop prompted the company to open its second permanent location.
“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. 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+ nationwide Hair Color Bar locations,” said Amy Errett, CEO and Founder of Madison Reed. “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.”
Expansion Plans
Madison Reed, which launched in 2014, plans to operate 80 hair color bar locations by the end of the year. The company also plans to hire 850 new colorists in 2022; it says those professionals will earn 3x more than in a traditional salon and receive full-time benefits. Key regions for expansion include major hubs such as New York City, South Florida, California, Chicago, Washington D.C. and Texas.In addition Madison Reed said it is using this new round of financing to grow its omnichannel offerings and expand the company’s color, care and maintenance product portfolio. This growth consists of Madison Reed’s established wholesale business in retailers including Ulta and Ulta Beauty at Target, along with Madison-Reed.com and Amazon.com.
“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,” added 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.”
In March, Madison Reed hired a former Dollar Shave executive, Jose Zuniga, as its CFO. He is responsible for Madison Reed’s omnichannel expansion.