Black-Led Haircare Company Myavana Raises $5.9M, Bringing Its Total Valuation To $50M

An interest in computer science has led Candace Mitchell to raise millions in funding for Black hair care.

Forbes reports when Mitchell was 10 years old, she tinkered with installing software on the family computer, marking her official exposure to computer science.

“I remember thinking, ‘I want to create software that can run on millions of computers like this one day,’” Mitchell told Forbes.

She would study web design in high school, and in higher learning she attended the Georgia Institute of Technology and obtained a bachelor’s degree in computer science. She then ventured into the workforce landing IT roles at Siemens and Pepsi but made the decision that she no longer wanted to work for other companies. She wanted her own.

With just $1,000 collected in a checking account, she became an entrepreneur and launched Myavana, a platform that taps her interest in technology for the purpose of disrupting the haircare market for Black women. Per the company’s website, it requires users to upload a selfie of their hair texture and complete a hair analysis for a one-time price of $9.99 or a monthly subscription of $8.99. Once complete, its technology will introduce product recommendations with the help of artificial intelligence (AI).

This can lower frustrations around hair products and save customers money by helping them avoid products that are not best suited for their hair type, the company says.

“What I saw was so intriguing to me and the fact that we all have unique compositions of texture type and condition. So, you’re more than a 4C. You’re more than just wavy hair. There’s so many other variables involved as well as external variables like the weather, seasonal changes, even hormonal changes, your mood that day,” she said in a sit-down interview with Forbes. “There’s so many things that affect how we express ourselves but also how our hair is reacting to the environment. So to me the light bulb went off. I was like ‘OK well I can just write an algorithm that matches the variables in your hair strands to the variables and products that will work best for your hair and that eliminates the trial and error,’ and that became my baby.”

Myavana has faired well in the market, especially among Black women, who make up 80% of their customer base. Its mobile application, Myavana AI, has 50,000 subscribers, according to Forbes, and in January 2024 the company secured a retail partnership with Ulta Beauty. As AFROTECH™ previously reported, this led to its AI hair analysis technology being integrated into its e-commerce platform.

By the end of 2024, Myavana is expected to earn over $10 million, per Forbes. What’s more, its valuation is reportedly marked at $50 million, an increase of $30 million from 2021. This is in light of a recent $5.9 million raised in a funding round led by Ulta Beauty, which included participation from Amazon, H/L Ventures, Reform Ventures, and New Age Capital.

“This company is high traction and growing quickly,” Oliver Libby, a managing partner at H/L Ventures, told Forbes. “You have this data, particularly chemical analysis on the hair – you could see a Myavana health (division) come out of this.”

Mitchell commented: “We’re in the perfect time of the market. But we had to start 12 years ago.”