Myavana, the innovative haircare company founded by Candace Mitchell, has successfully raised $5.9 million in its latest funding round, propelling its valuation to an impressive $50 million.
This achievement marks a significant milestone for the company, which leverages cutting-edge technology to revolutionize haircare for Black women.
Candace Mitchell’s journey from a young tech enthusiast to a successful entrepreneur is both inspiring and groundbreaking. At just 10 years old, Mitchell’s fascination with computer science began with installing software on her family computer.
This early interest led her to study web design in high school and pursue a degree in computer science at the Georgia Institute of Technology. After working in IT roles at Siemens and Pepsi, Mitchell decided to channel her expertise into her own venture.
With only $1,000 in her account, Mitchell launched Myavana, a platform designed to address the specific needs of Black haircare.
Myavana uses AI technology to offer personalized product recommendations based on detailed hair analysis. Users upload a selfie of their hair texture and complete a comprehensive analysis for a one-time fee of $9.99 or a monthly subscription of $8.99.
This technology helps users avoid the frustration of unsuitable products and saves them money by matching them with products best suited for their unique hair type.
“What I saw was so intriguing to me…there’s so many things that affect how we express ourselves but also how our hair is reacting to the environment,” Mitchell told Forbes.
Myavana, the innovative Black-led haircare company founded by Candace Mitchell, has successfully raised $5.9 million in its latest funding round.
She envisioned creating an algorithm that could match individual hair variables with the most effective products, eliminating the trial and error process that often plagues haircare routines.
Myavana’s success is evident in its robust market presence. The company’s mobile application, Myavana AI, boasts 50,000 subscribers and has recently secured a significant retail partnership with Ulta Beauty.
This collaboration has integrated Myavana’s AI hair analysis technology into Ulta’s e-commerce platform, enhancing its accessibility and reach.
With an anticipated revenue of over $10 million by the end of 2024, Myavana’s growth trajectory is remarkable. The recent funding round, which saw contributions from Ulta Beauty, Amazon, H/L Ventures, Reform Ventures, and New Age Capital, underscores the company’s high potential and rapid expansion.
“This company is high traction and growing quickly,” said Oliver Libby, managing partner at H/L Ventures. “You have this data, particularly chemical analysis on the hair – you could see a Myavana health (division) come out of this.”
Mitchell remains optimistic about the future of Myavana.
“We’re in the perfect time of the market. But we had to start 12 years ago,” she said about the company’s journey and the evolving landscape of the haircare industry.
Myavana’s innovative approach and impressive growth highlight the company’s pivotal role in reshaping haircare for Black women, blending technology with a deep understanding of its customers’ needs.
