THE WHAT? Madison Reed has announced that it has raised US$33 million in a funding round led by Sandbridge Capital, with participation from Marcy Venture Partners.
THE DETAILS The funding will accelerate the growth of Madison Reed’s Hair Color Bar concept, with 80 locations planned by the end of the year. The prestige beauty brand is targeting expansion in New York City, South Florida, California, Chicago, Washington DC and Texas in particular.
In addition, the company is planning to grow its omnichannel offering and expand its color, care and maintenance product portfolio through new innovations.
THE WHY? Amy Errett, CEO and Founder of Madison Reed, explains, “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.”
Added Ken Suslow, Sandbridge Capital Founder and Managing Partner, “Madison Reed’s innovative omnichannel approach maximizes convenience while delivering a compellingly modern consumer experience across the board. Sandbridge is proud to join the Madison Reed team in support of their important category defining mission.”