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Mayvenn, Oakland

“Entrepreneur develops retail solution for salon industry”

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 Business Advisor, Paula Groves, 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, has generated $160k+ in revenue over 4 months, and now has 4 employees.

“Paula was instrumental in helping me get started on the complex and sometimes cloudy process of fund raising for a technology company.”

Mayvenn
CEO: Diishan Imira
Oakland, CA
Web: www.mayvenn.com
Email: dishan.imira@gmail.com