Mayvenn raises $23M Series B, introduces new service

Mayvenn raises $23M Series B, introduces new service

Pitching customers a new all-inclusive service for buying and installing hair, Mayvenn is looking to significantly expand its haircare business and just raised $23 million in a new round of funding to do it. Essence Ventures led the round. Previous investors include Andreessen Horowitz, Cross Culture Ventures,  Trinity Ventures, along with a clutch of super famous athletes and music moguls like Serena Williams, Andre Iguodala, and Jimmy Iovine.

Mayvenn is going to make it that customers can buy the hair directly from the company, and Mayvenn will match that customer with a hair stylist who will install the hair. All for the cost of the hair itself. “Customers will be able to buy hair and the installation service for probably 40% less than what they normally would have paid,” says Imira (CEO).

“The biggest competitor for selling direct to consumers is AliExpress,” and now, with its network and the ability to combine products and services at a wider scale, Mayvenn can provide better service for less, Imira says. “They can’t bundle the hair with the service. We can take the margin out of the hair we can bundle the package. We can be more price competitive than AliExpress and give you better hair and better service.”

Read the coverage on Forbes, Tech Crunch, and Afrotech