Mayvenn, a beauty tech company with 50,000 hairstylists that has a partnership with Walmart, plans to put in $40 million in Series C funding to expand the company’s ecosystem in Walmart stores as well as expand the productivity tools from its digital platform.
The funding round was led by Cleveland Avenue with participation from a 16z, Goldman Sachs Asset Management, according to a press release.
The Mayvenn platform allows stylists to earn money selling beauty products and, over the past two years, has grown into a marketplace, offering salon services through its curated network of beauty professionals. beauty.
Mayvenn beauty salons are located in five Walmart stores in Texas. The locations are both retail shopping experiences for purchasing hair extensions and wigs, as well as virtual reservation centers.
The company plans to expand its operations to 400 Walmarts.
“I couldn’t be more excited to partner with Walmart to bring Mayvenn’s brand and platform into the real world,” Diishan Imira, CEO and co-founder of Mayvenn, said in the release. . “These Mayvenn beauty salons are more than retail experiences – they drive digital bookings for small local salon businesses, bringing them additional revenue, which is core to our mission. This expansion has the potential to “Improving the beauty shopping experience for millions of people, while scaling the financial impact on the community. The possibilities are endless from here.”
Mayvenn has raised $76 million in venture funding from Andreesen Horowitz, Essence Ventures, Goldman Sachs Asset Management, SB Opportunity Fund, Serena Ventures and other investors.