Black-Owned Beauty And Tech Company Mayvenn Raises $40 Million In Series C Funding Round; Plans To Use Capital To Expand Partnership With Walmart
Summary
Leading investments came from Chicago-based venture fund Cleveland Avenue, with participation from the Growth Equity business within Goldman Sachs Asset Management and a 16z.With the latest round of funding, Mayvenns cofounder and CEO, Diishan Imira plans to expand its partnership with, creating more in-store Mayvenn Beauty Loungs within with Walmart nationwide.Mayvenn allows consumers to search for and book hair stylists in their local area. The company has a thoughtful and profitable business strategy that also supports diversity, access and entrepreneurship," said Dr. Mingu Lee, Managing Partner, Cleveland Avenue Tech Fund. The company says they have pledged $10 billion in direct investment capital and $100 million in philanthropic support to advance racial equity.Imira, an Oakland native and HBCU graduate, says Mayvenns new funding will go toward expanding its partnership with Walmart. At the lounges, consumers are able to buy wigs, hair extensions, digitally browse Mayvenns network of stylists and book salon services. "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.