Jay-Z just backed premier beauty brand Madison Reed in an investment totaling $33 million, Forbes reports.
The round was led by Sandbridge Capital and Jay-Z’s Marcy Venture Partners also participated in the round. What’s more, the investment brings the San Francisco-based company’s total capital to nearly $220 million, according to Bloomberg.
How The Funding Will Further Beauty Brand
The new funding will support the launch of its Hair Color Bar expansion and retail locations such as Ulta and Ulta Beauty at Target. In addition, it will support new product development for Madison-Reed.com and Amazon.com.
“Our business is the epitome of omnichannel, customers know our brand, they see the same products that we are known for in the direct-to-consumer line as we have in our own Hair Color Bars and in our partner locations,” founder and CEO of Madison Reed’s Amy Errett said, according to Forbes.
As the company looks ahead, it also plans to reach 80 locations and hire 850 new colorists in hubs including New York City, South Florida, California, Chicago, Washington D.C., and Texas within the year.
Jay-Z Continues To Invest In Beauty Arena
As for Jay-Z, this is not his first time investing in a beauty company.
Just last year, the billionaire and rap legend joined L Catterton and Sonoma Brands to participate in a $20 million Series A round for MERIT. It was reportedly the largest Series A raised by a venture capital-backed company in the beauty and cosmetic sector in 2021, according to Crunchbase News.