Andreessen Horowitz Leads $10 Million Investment in Mayvenn
An Oakland, Calif., startup called Mayvenn Inc. has raised $10 million in venture funding to help beauticians sell hair extensions and other products to their clients without having to purchase, store or ship any inventory themselves.
Andreessen Horowitz led the Series A investment joined by Trinity Ventures, Core Innovation Capital, Troy Carter’s Cross Culture Ventures, Impact America, and noteworthy individual investors including Jimmy Iovine, Serena Williams and Steve Stoute, CEO of ad agency Translation.
General Partner Ben Horowitz, now a board observer at Mayvenn, says the startup was profitable and “didn’t need” the Series A capital but raised it to accelerate growth.
The startup has “come up with an ingenious way to fix one of the worst consumer buying experiences” said Mr. Horowitz, citing the reason the firm invested. Currently, to get hair extensions put in, “You have to go to a weird, not very well organized store and buy hair products where you have no idea if they’re right for you, from a person who also has no idea. Then you take it to your [stylist], and if it’s not the right one you can’t get your money back.”...MORE
