Madison Reed Raises $12 Million Series B Led by Norwest Venture Partners

   Madison Reed Raises $12 Million Series B Led by Norwest Venture Partners

Company Taps Power of E-Commerce Innovation to Bring Salon Experience to the

PR Newswire

SAN FRANCISCO, Jan. 28, 2014

SAN FRANCISCO, Jan. 28, 2014 /PRNewswire/ --Madison Reed announced today that
it has raised $12 million in a Series B round of funding led by Norwest
Venture Partners (NVP) to revolutionize the at-home hair color experience.
Previous investors, True Ventures and Maveron, also participated in this
round. The company, which launched today, leverages e-commerce technology to
deliver salon-quality hair coloring formulas, immediate, personalized hair
assessment, and at-home delivery to consumers.

"We found a way for women to have it all—the premier salon experience they
deserve with the at-home convenience they need," said Amy Errett, Madison Reed
CEO and co-founder. "This investment enables us to make quality and ease in
hair coloring a reality for any woman. We will continue to create a superior
product and have technology enable the best customer experience, from custom
online consultations, and certified trained colorists that are on-call, to a
mobile app that lets customers shop from anywhere and apply color formulas

Madison Reed capitalizes on two major trends: a growing health and beauty
industry, and rapid e-commerce innovation. A 2012 IBISWorld report shows that
at $10 billion, hair color is the largest fast-growing major category of salon
products. Currently, 90 million women in the U.S. color their hair, each
spending $330 annually, but they are limited to an expensive and
time-consuming visit to the salon or to chemical-filled at-home treatments.
Meanwhile, consumers at large are increasingly shopping online. This holiday
season alone, online shopping grew 9.3 percent to $95.7 billion, accounting
for more than 15 percent of all sales.

"The beauty industry is ripe for innovation and hair coloring in particular
has long been divided between elite salons and low-quality do-it-yourself
boxes," said Jeff Crowe, NVP managing partner. "The Madison Reed team has
developed a completely new approach by pairing the power of technology and
e-commerce with new advancements in hair treatment products to open the door
of a tremendous market opportunity."

Madison Reed is an easy, home application process that doesn't sacrifice
coloring performance. The ammonia- and resorcinol-free hair coloring formula
was created by salon experts with more than 30 years of experience in the hair
coloring industry. Its 27 pre-mixed multi-tone shades have undergone 2,000
hair tests on models of all hair types and been analyzed under three separate
light sources. Today, it is hand-crafted in Italy, and used by famed stylist
Sally Hershberger, making it the only at-home hair color that's available in

The company taps the full power of e-commerce to give an immediate,
personalized coloring experience. Customers can find the right shade using
Madison Reed's online and mobile Color Translator or Color Advisor tools, or
get live feedback from a team of certified Color Crew colorists. When the
$29.95 formula arrives in a Madison Reed's re-invented application kit,
customers can watch how-to videos online or through the Madison Reed iPhone
app to apply it to their hair. Then, customers can set a delivery schedule so
that they never have to worry about their next salon appointment or hunt
through a drug store again.

Madison Reed is headquartered in San Francisco, and previously raised a $3.9
million Series A from True Ventures and Maveron in April 2013. Amy Errett is
also a Special Advisor at True Ventures, where she supports more than 250
entrepreneurs as they build their own innovative companies.

"Madison Reed is using technology to make personal care more personal,
elevating the customer experience to make her feel beautiful inside and out in
a market that has thus far seen little innovation, and theresponse has been
overwhelming.We are thrilled to continue our support behind Amy Errett's
dynamic leadership and incredible energy. She is truly a Founder of a
movement, and it's an honor to have Madison Reed as part of the True
portfolio," says Jon Callaghan, True Ventures founder and Madison Reed board

For additional information, visit or call 888.550.9586

Madison Reed
Madison Reed, the next revolution in "in-home" hair color, was born from an
aha moment in 2013 byCEO and Co-Founder Amy Errett, a leading entrepreneur,
senior executive and venture capitalist, who realized we no longer needed to
be held hostage to the tedious routine and expense of going to the salon for
professional grade hair color. Havinglong been obsessed with categories that
have limited to no innovation, Amy looks for what she doesn't see to deliver
superior service. This passion is what ignited the spark for Madison Reed.
Fast forward to today, and the permanent hair color line boasts 27pre-mixed
multi-tonalshades that are salon quality with a formulathat delivers
unparalleled depth and shine (it's also ammonia- and resorcinol-free). The
fade-resistant color is sent in a complete in-home coloring kit anddelivered
to your door. You can also book a stylist who will be sent to you to make
color selection and teach you how to apply the color – in select locations so
far, but we're growing. Still afraid to color your hairat home?We've
developed entirely new ways of finding your perfect permanent hair color –
choose from an online color advisor, mobile app, live web chat, digital photo
consultation or speak to a trained colorist on the phone. All of this is what
makes the Madison Reed "in-home" coloring experience superior to the
traditional way of coloring your hair at home. And we don't just claim to be
salon quality. We are salon quality. Just ask Advisors, famed stylists Sally
Hershberger and Alex Chases. Madison Reed is being used in high-end salons,
making it the only in-home hair color that's used by professional colorists in
their salons. Headquartered in San Francisco, Madison Reed is backed by
top-tier venture capital firms True Ventures, Norwest Ventures, and Maveron,
co-founded by Starbucks CEO Howard Schultz.

About Norwest Venture Partners
Norwest Venture Partners (NVP) is a multi-stage investment firm that has
partnered with entrepreneurs to build great businesses for more than 50 years.
The firm manages more than $3.7 billion in capital and has funded over 500
companies since inception. Headquartered in Palo Alto, Calif., NVP has
subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. NVP makes
early- to late-stage venture and growth equity investments across a wide range
of sectors including: technology, information services, business services,
financial services, consumer products/services and healthcare. For more
information visit:

About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm
that invests in early-stage technology startups. With three funds and
approximately $600 million in capital under management, True provides seed and
Series A funding to the most talented entrepreneurs in today's fastest growing
markets. With a mission to make the world a better place for entrepreneurs,
True encourages each founder's vision and has built resources to empower the
employees, families and communities of its portfolio companies. The firm
maintains a strong founder community and offers innovative educational
opportunities to its portfolio, helping entrepreneurs achieve higher levels of
success and impact. With more than 150 companies funded and multiple companies
acquired, the True portfolio has helped create over 3,000 jobs. To learn more
about True Ventures,

SOURCE Madison Reed

Contact: Madison Reed, Kristin Breen and Chelsea Spring, ALISON BROD PUBLIC
RELATIONS, /, 212.230.1800,
Norwest Venture Partners (NVP), Katie Belding, Marketing & Portfolio Services
Partner,, 650-321-8000, True Venture Partners, Brooke Van
Natta,, 949-636-8787
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