Mayvenn to put funding round toward Walmart deal, productivity tools
Jul 25, 2022
July 25, 2022
Mayvenn, a beauty technology company with 50,000 hair stylists which has a partnership with Walmart, plans to put a $40 million Series C funding round toward expanding the company's ecosystem within Walmart stores as well as expanding its digital platform's productivity tools. 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 enables stylists to earn money selling beauty products and over the past two years has expanded into a marketplace, offering salon services through its curated network of beauty pros. Mayvenn Beauty Lounges are located inside five Walmart stores in Texas. The locations are both retail shopping experiences for buying hair extensions and wigs, as well as virtual booking centers. The company has plans to expand 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 Lounges are more than retail experiences — they drive digital bookings to local small salon businesses, bringing them added income, which is core to our mission. This expansion has the potential to elevate the beauty shopping experience for millions, while also scaling the financial impact to 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.