Omnichannel moves: Mayvenn raises US$40M funding for Walmart partnership
14 Jul 2022 --- Beauty tech company Mayvenn is implementing a US$40 million Series C funding round to launch its next major ecosystem expansion and introduce tech-enabled, physical beauty experiences to Walmart stores all over the country. The proceeds from this financing will also help Mayvenn’s digital platform continue to develop new hair stylist productivity tools.
The funding round will be led by Cleveland Ave, with participation from the Growth Equity business within Goldman Sachs Asset Management and a16z – an investor in technology.
“The partnership with Walmart will bring Mayvenn’s brand and platform into the real world,” says Diishan Imira, CEO and co-founder at Mayvenn.
“These Mayvenn Beauty Lounges are more than retail experiences – they drive digital bookings to local small salon businesses, bringing them added income. This expansion has the potential to elevate the beauty shopping experience for millions while also scaling the financial impact to the community.”
The company notes that this omnichannel strategy to expand these Beauty Lounges to 400 Walmart sites will significantly scale Mayvenn’s brand and platform while generating money for tens of thousands of local hair stylists and small salon businesses.
The omnichannel strategy will expand Mayvenn’s Beauty Lounges to 400 Walmart sites, supporting thousands of local hair stylists.“Innovative businesses like Mayvenn bring a fresh perspective to a segmented industry. They are making products and services more accessible while also allowing other small business owners to grow,” says Darryl Spinks, senior director at Walmart Services.
Virtual to physical platform for stylists
Mayvenn has a network of over 50,000 hair stylists nationwide and aims to advance the community of styling professionals through technology. The Mayvenn platform allows stylists to earn money by selling beauty products, and in the last two years, it has developed into a marketplace that provides salon services.
“Mayvenn aims to deliver a first-class beauty experience for women by partnering with stylists and delivering unprecedented economics to these important entrepreneurs,” says Ben Horowitz, co-founder and general partner at Andreessen Horowitz.
“The Walmart relationship moves the transaction from the virtual to the physical world and dramatically expands Mayvenn’s reach.”
Cleveland Ave invests in retail technology and significantly contributes to the collaboration through its own consulting company Edge Consulting, specializing in retail operations and has invaluable experience working with Walmart.
Mayvenn Beauty Lounges drive digital bookings to local small salon businesses.An end-to-end beauty ecosystem, including services and products, is built on the base of the services marketplace and the e-commerce platform. In addition to giving customers a more direct beauty experience, this service provides the professional beauty community financial leverage.
Creating opportunities for independent stylists
According to Mayvenn, the investment is also a part of Goldman Sachs’ US$10 billion “One Million Black Women” program, which aims to enhance Black women’s lives over the next ten years in a variety of critical areas, including job creation, advancement in the workforce and diminishing opportunity gaps.
“In addition to innovating the beauty industry, Mayvenn is creating economic opportunity for independent stylists, who are primarily women of color,” says Hillel Moerman, managing director within Goldman Sachs asset management.
“Mayven’s omnichannel approach, combined with its direct financial impact on local communities, embodies the goals of our One Million Black Women initiative. We look forward to continuing to collaborate with the Mayvenn team as they scale their business.”
“Supporting diverse businesses is a priority for Walmart,” concludes Spinks.
By Nicole Kerr
