DTC hair dye brand Madison Reed has snagged $33 million in new financing, bringing its total funding to nearly $220 million.
The company will use the investment to accelerate the expansion of its Madison Reed’s Hair Color Bar salon concept and other omnichannel offerings, with plans to have 80 Hair Color Bars in operation by the end of this year (up from the 60 locations already open across the country). Key regions being targeted for the brick-and-mortar expansion include New York City, South Florida, California, Chicago, Washington, D.C. and Texas.
Madison Reed also plans to double down on its wholesale partnerships with retailers including Ulta and Ulta Beauty at Target, while maintaining its DTC presence both on its owned and operated site and on Amazon.
This new round of funding was led by Sandbridge Capital, with participation from Marcy Venture Partners.
“Madison Reed was built on the belief that salon-gorgeous hair color should be convenient, affordable and made with ingredients women can feel good about,” said Amy Errett, CEO and Founder of Madison Reed in a statement. “As we continue to grow our geographic and retail footprint we couldn’t be more excited to partner closely with Sandbridge Capital and Marcy Venture Partners in this chapter of expansion. Their deep retail and beauty experience will be critical as we enter our next stage of growth.”