Already operating five Beauty Lounges at Walmart stores in Texas, Mayvenn seeks to expand to 400 of the retailer's locations nationwide.
Currently operating five beauty lounges within Walmart stores in Texas, Mayvenn, a beauty tech company with a network of more 50,000 hair stylists nationwide, has revealed a $40 million Series C round led by Cleveland Ave, with participation from the growth equity business within Goldman Sachs Asset Management and a16z.
Mayvenn plans to use the funds to expand its tech-enabled physical beauty experiences to 400 Walmart locations across the country, as well as to support the continued expansion of its digital platform into more productivity tools for stylists.
The Mayvenn platform enables stylists to earn money selling beauty products, and over the past two years has grown into a marketplace offering salon services through a curated network of beauty professionals. The offering financially empowers the professional beauty community as it simplifies the beauty experience for customers.
The Mayvenn Beauty Lounges at Walmart are both retail shopping experiences for buying hair extensions and wigs and virtual booking centers where customers can digitally browse local Mayvenn network stylists and book salon services, generating product sale revenue and marketplace salon services revenue alike. They also offer the first elevated beauty shopping experiences that are truly inclusive to women of color.
“I couldn’t be more excited to partner with Walmart to bring Mayvenn’s brand and platform into the real world,” said Diishan Imira, CEO and co-founder of Oakland, Calif.-based Mayvenn. “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 so far raised $76 million in venture funding from Andreesen Horowitz, Essence Ventures, Goldman Sachs Asset Management, SB Opportunity Fund, Serena Ventures and other notable investors.
“Supporting diverse businesses is a priority for Walmart,” noted Darryl Spinks, senior director, Walmart Services. “Innovative businesses like Mayvenn bring a fresh perspective to a segmented industry. They are making products and services more accessible while also giving other small business owners an opportunity to grow. We’re excited to offer this experience to the community while collaborating with Mayvenn as they grow.”
Each week, approximately 230 million customers and members visit Walmart’s more than 10,500 stores and numerous e-commerce websites under 46 banners in 24 countries. The company employs approximately 2.3 million associates worldwide. Walmart U.S. is No. 1 on The PG 100, Progressive Grocer’s 2022 list of the top food and consumables retailers in North America, while Sam’s Club ranks eighth.