US-based beauty technology company Mayvenn has secured $40m in a Series C financing round to facilitate the expansion of its ecosystem.

Led by venture capital firm Cleveland Ave, the funding round was joined by the Growth Equity business within Goldman Sachs Asset Management and a16z.

Mayvenn will use the funding to carry out its expansion project, under which it will partner with Walmart to launch its physical beauty experiences at Walmart stores across the US.

Dedicated Mayvenn Beauty Lounges are currently available in five Walmart stores in Texas, with plans to expand to a further 400 Walmart locations.

These multipurpose spaces allow customers to purchase hair extensions and wigs, as well as offer virtual booking centres, through which customers can digitally browse local Mayvenn network stylists and book salon services.

The stores generate revenues from product sales and marketplace salon services.

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By GlobalData

In addition, Mayvenn will use the funding to expand its digital platform into more productivity tools for stylists.

Founded in 2013, the company offers both an e-commerce tool and a marketplace for salon services, with a network of more than 50,000 hair stylists nationwide.

Mayvenn said its new omnichannel approach is intended to expand its brand and platform and generate revenue for ‘tens of thousands’ of local hair stylists and small salon businesses.

Mayvenn CEO and co-founder Diishan Imira said: “I couldn’t be more excited to partner with Walmart to bring Mayvenn’s brand and platform into the real world.

“These Mayvenn Beauty Lounges are more than retail experiences – they drive digital bookings to local small salon businesses, bringing them added income, which is core to our mission.

“This expansion has the potential to elevate the beauty shopping experience for millions, while also scaling the financial impact to the community. The possibilities are endless from here.”