By Mark Matousek.
While many retailers are shifting away from brick-and-mortar stores to online marketplaces, Madison Reed is doing the opposite.
Founded in 2013, the online beauty retailer developed a questionnaire and algorithm meant to determine the ideal hair color for its customers, as well as software that could make recommendations based on photos uploaded by customers.
Now, the company is taking its personalized approach one step further by opening Color Bars where customers can receive coloring services and consult with professional colorists. Two Color Bars are currently operating — one in San Francisco and one in New York City — and the company plans to have 25 open by the end of 2019.
It just raised $25 million in venture funding to help it do so, according to TechCrunch. The round was led by Comcast Ventures with participation from Norwest Venture Partners, True Ventures, and Calibrate Ventures. In total, it has raised $70 million.
Read more at Business Insider.