Have you heard of Mayvenn Hair?

Mayvenn Hair single handedly created their success story thru Facebook ads. Created many opportunity for black-owned businesses ie stylists as well.

This article featured on http://www.acsbdc.org/story/2431 and can be found below as well gives more information about this business doing BIG business.

 

Background: Mayvenn is an offline-to-online retail solution for the Salon industry. We provide web and mobile point-of-sale applications that allow salons and stylists to retail products without having to buy or hold inventory.

Challenges: Mayvenn sought funding to build an ecommerce application to allow hair-stylists to retail products without having to hold inventory or go to a beauty supply store.  Mayvenn had developed relationships with high quality beauty product suppliers in China and had been selling those products door-to-door.  Mayvenn realized that a technology solution would not only be more effective, but could also allow hair-stylists to benefit from an additional revenue stream by earning commissions on products they sold their customers who trusted them.

Actions: Mayvenn worked with a Business Advisor at the Alameda County SBDC to develop its investor pitch, PowerPoint, and financial model to begin approaching investors.

Results: Mayvenn received initial seed funding. After finding a technical co-founder, Mayvenn was selected for 500 startups and raised equity funding. The company launched its online application in October 2013, and subsequently raised $13 million of venture capital financing to expand operations.

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