The pandemic may have caused more than a few gray hairs for beauty company executives, but not the leaders at Madison Reed. After the hair color company reported sales surged 130% in 2020, it announced it raised $52 million in funding. Industry sources estimate Madison Reed's sales exceed $100 million. With the new round of funding Company Founder and CEO Amy Errett said Madison Reed will increase services related to hair color, open more Color Bars, hire more staff and launch new products. Most recently, Madison Reed rolled out a digital video consultation service to help DIY hair colorists and a mobile app is on the way. According to Errett, people who switched to at-home hair color during the pandemic have no plans on returning to salons.

Madison Reed's growth back Errett's prediction. Last year, the company opened 16 more Hair Color Bar locations—with plans to have 60 locations by the end of 2021. Madison Reed formulas are available in Ulta Beauty, too. Ultimately, the company could go public, as well. With this latest round of funding, Madison Reed has raised more than $180 million.