01.30.19
Madison Reed, a prestige hair color brand, has announced a growth capital raise of $51 million spearheaded by existing investors. Norwest Venture Partners and True Partners led the round, with participation from Comcast Ventures. New investor Meaningful Partners also joined the Series D funding.
The investment will enable Madison Reed – the recipient of a 2018 Allure Best of Beauty Breakthrough Award – to accelerate the expansion of its omnichannel strategy:
—Online: Madison Reed plans to expand its suite of proprietary hair colors, introduce new products, utilize television advertising as a new customer acquisition channel, and build upon its reputation as a beauty innovator by unveiling new technology.
—Retail: Madison Reed Color Bars are a brick-and-mortar manifestation of the company's online experience, where professionals apply the company's formula in a fast and affordable setting. Currently, six Color Bars are open in New York City and San Francisco. That number will grow to 40 locations nationwide by the end of 2020.
—Wholesale: After two years of successful collaboration, Madison Reed has announced that it now has an exclusive partnership with Ulta Beauty, both online and in stores.
To join her at the helm, Madison Reed CEO and founder Amy Errett has chosen two veteran executives with expertise at rapid expansion and strategic growth initiatives:
—Brian Bouma is Madison Reed's first-ever chief operating officer. Over the course of his career, Bouma has operated companies that sold for a combined $1.9 billion.
—Carrie Kalinowski is Madison Reed's new chief financial officer. Previously Kalinowski was CFO of NatureBox, where she played a critical role in scaling operations and achieving more than 100% 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 Errett. "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. 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."
The investment will enable Madison Reed – the recipient of a 2018 Allure Best of Beauty Breakthrough Award – to accelerate the expansion of its omnichannel strategy:
—Online: Madison Reed plans to expand its suite of proprietary hair colors, introduce new products, utilize television advertising as a new customer acquisition channel, and build upon its reputation as a beauty innovator by unveiling new technology.
—Retail: Madison Reed Color Bars are a brick-and-mortar manifestation of the company's online experience, where professionals apply the company's formula in a fast and affordable setting. Currently, six Color Bars are open in New York City and San Francisco. That number will grow to 40 locations nationwide by the end of 2020.
—Wholesale: After two years of successful collaboration, Madison Reed has announced that it now has an exclusive partnership with Ulta Beauty, both online and in stores.
To join her at the helm, Madison Reed CEO and founder Amy Errett has chosen two veteran executives with expertise at rapid expansion and strategic growth initiatives:
—Brian Bouma is Madison Reed's first-ever chief operating officer. Over the course of his career, Bouma has operated companies that sold for a combined $1.9 billion.
—Carrie Kalinowski is Madison Reed's new chief financial officer. Previously Kalinowski was CFO of NatureBox, where she played a critical role in scaling operations and achieving more than 100% 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 Errett. "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. 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."
