Founded in 2013, Madison Reed has been revolutionizing the way women color their hair with their affordable at-home hair color line and by opening salons focused solely on providing affordable, time-saving hair color services.
The company has just announced that it closed a 25 million dollar series financing round, which was led by Comcast Ventures and includes other previous investors such as Norwest Venture Partners, True Ventures, and Calibrate Ventures. Comcast Ventures, the venture capitol affiliate of Comcast Corporation, invests in innovative businesses that represent the next generation in entertainment, communications, and digital technology by partnering with entrepreneurs who have the vision and passion to succeed.
Comcast’s managing director, Sam Landman, says they have been a minority investor in Madison Reed and have been working closely with the company on TV and media expansion. Landman explains, “We have watched the growth and execution, and we wanted to be a larger investment partner to the company as they scale and add Color Bars to their already fast-growing business. We are delighted to lead this round and look forward to the continued growth and success.”
While they are going to use some of the round of capitol on their digitally native company’s current business, they also want to branch out with Madison Reed Color Bars. This is a fast and affordable hair color service that accommodates the lifestyle of busy women. There are currently in two locations, New York City and San Francisco, but they are planning on opening 25 locations by the end of 2019.
“We are extremely excited to work with Comcast and all of our investors to execute this rapid plan,” said Amy Errett, Madison Reed’s CEO and co-founder. “Our mission is to meet our clients wherever they are—at home or in the salon—with superior, prestige hair color products that have ingredients you can feel good about.”
For more information visit www.madison-reed.com and www.comcastventures.com
[Image via www.madison-reed.com]