It’s official - wigs are currently one of the fastest-growing segments beauty. The category is said to be growing at 15% year-over-year, and by 2023, it’s predicted that the wig industry will be worth over $13.3 billion. In such a lucrative market, we’ve seen the likes of huge venture capital (VC) funds invest in wig-based start-ups. Here are the VC-funded companies in this space looking to shake things up!*
*Data was retrieved from PitchBook & Crunchbase in June 2022.
Mayvenn Hair is a platform for black stylists to sell wig/weave products alongside their service. Here are their stats:
Main/lead Investors: Goldman Sachs Asset Management, Serena Ventures, Andreessen + Horowitz, Essence Ventures
Stage: Series C
My Parfait uses artificial intelligence to simplify the wig-purchase process for its consumers. Their overarching company goal is to adopt tech-savvy practices to revolutionise black spaces. They pride themselves on being ‘the world’s first & only AI-powered tailor-made human hair wig’ provider.
Main/lead investors: Serena Ventures, Upfront VC
Image | Wig from My Parfait
Ruka Hair is revolutionising the Afro-texture hair game. They sell a range of wigs, bundles and clip-ins targeted at wig consumers who are looking to embrace the natural 'curly, kinky and coils' look. Check out our previous blog on all-things kinks, coils, curls here!
Main/lead investors: BACKED VC
The Waeve’s mission has always been to make fun wigs more accessible. Their salon features a ‘sip and slay’ service, and their business focuses on uplifting black women. Their stats are below:
Main/lead investors: MAEVRON, Pillar VC
Image | The Waeve
Upgrade’s mission is to make wigs more accessible through inclusive salon spaces. They have created an online marketplace where people can submit photos of their hair-inspo and select a stylist to recreate the look. The tech-enabled personalisation service enables consumers to have their desired wig at their doorstep - in just a few clicks!
Main/lead investors: Next Coast, Mercury Fund
Image | Wig from Upgrade
Rad Swan have been said to be 'becoming the Glossier of Black Beauty', starting with selling wigs and clip-ins. Check their info below:
Main/lead investors: BBG Ventures, Female Founders Fund
Image | Wig from Rad Swan
Innovative wig and bundles rental service. Check their info below:
Main/lead investors: Rare Breed Ventures
Image | Group Image from Well Capped
Although now closed, Vixxxen was a platform for black stylists to sell wig/weave products with their service.
Main/lead investor: Brooklyn Ventures
Rose Gold Pro
Rose Gold Pro allowed Black hair stylists to sell hair products online along with their service, similar to Vixxxen.
Main/lead investor: Quake Capital
Whether you’re thinking to embark on a new hair business or you’re just intrigued about VC-backed companies, we hope this report was helpful. If you felt that this report was valuable and informative, let us know in the comments below and we’ll endeavour to produce further finance-based reports in the future!