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Mavyvenn Moves: Black-Owned Beauty & Tech Co Lands $40M, Adding Walmart Lounges

PhenomenalMAG Staff  |  Beauty Babes & Bosses

Customers and hair stylists alike can now benefit from a comprehensive online directory of hair salons in their area, as well as an online marketplace for extensions and weave bundles.

Mayvenn, a black-owned tech and beauty startup, has announced that it had raised $40 million in a Series C fundraising round. With the support of Goldman Sachs Asset Management's Growth Equity division and a 16z, Chicago-based Cleveland Avenue Venture Capital spearheaded the investments.

Diishan Imira, co-founder and CEO of Mayvenn, plans to expand the brand's presence in Walmart shops across the country with the money raised in the most recent round of fundraising.

Hair stylists in the region can be found and appointments made through Mayvenn. In addition to selling products and promoting salon services, stylists can utilize the platform to operate their companies. According to the company, they currently employ more than 50,000 hair stylists across the country. In the world of beauty, Mayvenn is one of the most forward-thinking brands out there. It has a well-thought-out business plan that generates profits while simultaneously promoting diversity, access, and entrepreneurship, according to Dr. Mingu Lee, Managing Partner of Cleveland Avenue Tech Fund.

Hillel Moerman, a managing director at Goldman Sachs Asset Management, points out that independent hairdressers -- who are largely women of color -- can now generate money because of Mayvenn.

“Our One Million Black Women project is embodied by Mayvenn's omnichannel approach, as well as its direct financial impact on local communities. This partnership with Mayvenn will continue as they expand their business," Goldman Sachs said in reference to their 2030 goal of improving the lives of one million Black women. By investing $10 billion and donating $100 million to charitable causes, the corporation promises it will make the world a better place for individuals of all races.

Imira, a native Oaklander who attended a historically black college or university (HBCU), says Mayvenn plans to expand its cooperation with Walmart with the help of the fresh cash it has received. Mayvenn has installed Mayvenn Beauty Lounges in five Walmart shops in Texas as part of the agreement. As a result, customers will be able to conduct business both online and in-person. People can purchase wigs and hair extensions in the lounges, search Mayvenn's stylist network online, and make appointments at the salons.

Mayvenn plans to open additional Beauty Lounges in 400 Walmart locations.

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