Beauty tech-company Mayvenn has announced it has closed a 40 million dollar Series C funding round, led by Cleveland Ave and with participation from Goldman Sachs Asset Management’s Growth Equity business.
Initially starting out as a community for professional stylists, Mayvenn has continued to expand into both an e-commerce platform and a marketplace, allowing users to earn money by selling beauty products and offering salon services.
The funding will go towards the platform’s digital expansion, providing more tools for its clients, as well as its new partnership with Walmart that will see it bring tech-driven, physical beauty experiences to the retailer’s US stores.
Currently, five Walmarts house Mayvenn Beauty Lounges, through which shoppers can purchase hair products and digitally browse and book stylists or services on Mayvenn’s platform.
The company is planning to bring the experience to 400 Walmart locations, following an omnichannel strategy that it said will bring “immense scale” to the platform and its network.
In a release, CEO and co-founder of Mayvenn Diishan Imira expressed his excitement over the Walmart partnership, adding that the Beauty Lounges will also drive bookings to small salon businesses.
Imira continued: “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.”