Madison Reed Raises $16.1 Million Series C, Transforming At-Home Hair Care

Comcast Ventures and Shea Ventures Join Existing Partners to
Accelerate Healthier Hair Care Innovation

SAN FRANCISCO–(BUSINESS WIRE)–Madison
Reed
, the company delivering a healthier, personalized,
salon-quality hair color experience straight to your doorstep, today
announced a $16.1 million Series C round of funding. Comcast Ventures
and Shea Ventures join existing investors Norwest Venture Partners and
True Ventures in the round.

Leveraging Comcast Ventures’ strong media relationships with
Comcast/NBCUniversal, the investment will further support Madison Reed’s
plans to expand its television advertising and marketing efforts
nationwide.

“The team took notice of Madison Reed because it’s a company changing
the game in an industry that is still short on innovation,” said Sam
Landman, Managing Director at Comcast Ventures. “I saw how exceptionally
ambitious the company is, and I’m looking forward to continuing the
relationship to innovate their product and the way they connect with
their audience through TV and our media channels.”

An estimated 75 percent of women in the U.S. use hair-coloring products.
By replacing the harsh ingredients in hair color, and creating a
gentler, more natural alternative without sacrificing performance,
Madison Reed is shaking up the $50 billion hair care industry and
bridging the gap between salon-quality performance and at-home,
affordable convenience. The additional funding will help Madison Reed
build upon its current product and accelerate marketing and technology
innovation. The funding will also enable the company to continue to
offer personalized service and set a higher standard for the integrity,
design and delivery of hair color and care products.

“Globally, hair care products are the largest portion of the beauty
industry. We have a huge opportunity to completely reinvent the way
women are coloring and caring for their hair by using technology,
real-time access to licensed colorists, and better-for-you ingredients
to deliver a superior result directly to consumers,” said Amy Errett,
CEO and Co-Founder, Madison Reed. “With ongoing support from Comcast
Ventures, Shea and our current team of investors, we can continue
transforming the industry and delighting our customers to make them feel
beautiful every day, inside and out.”

“From the inception of the company, True saw an opportunity for Madison
Reed to disrupt this large market by creating a better product and
superior channel, and to use technology to delight and please
customers,” said Jon Callaghan, True Ventures Founder and Managing
Partner, and Madison Reed board member.“We are thrilled with the rapid
growth and innovation at Madison Reed, and we are excited about the next
phase of growth. This is an enormous opportunity with a phenomenal team.”

With new funding to support the charge, Madison Reed is in the right
place at the right time to disrupt an industry that is ripe for
improvement. Consumers are demanding a more personalized beauty
experience that technology and e-commerce have enabled, and consumer
packaged goods (CPG) companies can no longer rely on the traditional
offerings and tactics that have served them in the past. Madison Reed is
reinventing the relationship between CPG companies and their customers
through innovation at every point of contact with technology that can
fill a diagnostic and predictive role in recommending the right products
for each individual. Through its live customer support and interaction
with licensed hair color experts, physical product innovation that
dramatically improves both performance and health benefits to meet
modern needs, and its next-level customer insight and data, Madison Reed
creates the best at-home hair coloring and hair care experience for
customers.

“Madison Reed is at the forefront of a new wave of consumer goods
companies that sell healthier products directly to customers,” said Jeff
Crowe, Managing Partner at Norwest Venture Partners. “Amy and her team
are taking this trend one step further by personalizing hair care
products for each consumer, establishing direct lines of communication
with every customer, and using mobile technology to brilliantly
re-imagine the consumption experience of hair products. Madison Reed is
revolutionizing the world of hair care.”

Over the past year, Madison Reed has also expanded beyond just permanent
hair color to offer a full range of hair care products formulated
without harsh chemicals to help customers maintain their color-treated
hair, including Root Touch Up, Semi-Permanent Gloss and additional care
and styling products. Madison Reed is available everywhere you are –
online, on mobile, and straight to your doorstep, office, or hotel – and
recently launched its Root Touch Up powder in Sephora stores nationwide.

Madison Reed is headquartered in San Francisco and previously raised
$15.9 million from True Ventures and Norwest Venture Partners. Amy
Errett is also a Special Advisor at True Ventures, where she supports
more than 250 entrepreneurs as they build their own innovative companies.

About Madison Reed

Launched in 2013, Madison Reed is disrupting the $50 billion hair color
and care industry by offering a personal, convenient, and affordable
process with licensed professional colorists and salon quality hair care
products that are better for you–free of ammonia, PPD, resorcinol, and
other harsh chemicals. With a mission to empower women to look and feel
their best, the company is reinventing both the hair coloring experience
and hair color itself with professional-grade formulas, personalized
hair assessments, and home delivery via the company’s eCommerce site and
mobile application. Additionally, Madison Reed not only creates the best
at-home hair coloring and hair care experience for customers, but also
introduces next-level customer insight and data to the consumer packaged
goods (CPG) industry for the first time. For more information, visit www.Madison-Reed.com.

About Comcast Ventures

Comcast Ventures, the venture capital affiliate of Comcast Corporation,
invests in innovative businesses that represent the next generation of
entertainment, communications and digital technology by partnering with
entrepreneurs who have the vision, passion and tenacity to succeed. Most
investments are in the advertising, consumer, enterprise and
infrastructure sectors. Comcast Ventures provides its portfolio
companies with countless resources, relationships and know-how to help
them perform at the highest possible levels. For more information, visit www.comcastventures.com.

About Norwest Venture Partners

Norwest Venture Partners is a global venture capital and growth equity
investment firm that manages approximately $5 billion in capital. The
firm targets 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. Headquartered in Palo Alto, Calif.,
Norwest has subsidiaries in San Francisco, New York, Mumbai and
Bengaluru, India and Herzelia, Israel. The firm has funded more than 550
companies since inception. For more information visit: www.nvp.com

About True Ventures

Founded in 2005, True Ventures is a Silicon Valley-based venture capital
firm that invests in early-stage technology startups. With capital under
management in excess of $1 billion, 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 200 companies funded and multiple companies acquired, the current
True portfolio has helped create over 5,000 jobs. To learn more about
True Ventures, visit www.trueventures.com.

Contacts

SutherlandGold Group for Madison Reed
Mattie Goldman, 646-779-0219
madisonreed@sutherlandgold.com