Jay-Z and not his gorgeous wife Beyonce has backed a beauty brand by dumping millions into an investment fund to put the company in a position to blow.
This week, Madison Reed, a hair color bar and retail footprint company, announced it had received $33 million in new financing from Sandbridge Capital and the Brooklyn rapper’s venture capitalist arm, Marcy Venture Partners.
Amy Errett, CEO, and Founder of Madison Reed talked about why the company is such a sure win to invest in.
“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,” Errett said. “We have achieved this by showing women that Madison Reed products and services give them agency and autonomy when it comes to coloring their hair, with high-quality results through our at-home products or in our 60+ nationwide Hair Color Bar locations.”
She continued, “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.”
Jay-Z has not discussed his investment in the brand. Madison Reed’s is sold in retailers like Ulta and Ulta Beauty at Target and has a strong recurring customer base online at Madison-Reed.com and Amazon.com.