Madison Reed has raised $51m in a series D financing round to support the acceleration and expansion of its omnichannel strategy.

The round was led by Madison Reed’s existing investors Norwest Venture Partners and True Ventures. Comcast Ventures and Meaningful Partners also took part.

Madison Reed’s omnichannel strategy features online, retail and wholesale components.

As part of the online section, Madison Reed intends to expand its current portfolio of hair colours, launch new products, use television advertising as a new customer acquisition channel, and develop new technology.

Madison Reed Color Bars are the high-street version of the company’s online platform.

“Our goal is to meet the needs of our customers wherever it is most convenient for them, be that at home, in our Color Bars or at a top beauty retailer such as Ulta.”

The company currently has six locations in New York City and San Francisco, US, and expects to increase the number to 40 locations across the US by the end of 2020.

Madison Reed has formed an exclusive collaboration with Ulta Beauty’s both online and in-store locations.

The company has also appointed Brian Bouma and Carrie Kalinowski as its chief operating officer and chief financial officer, respectively. Both Bouma and Kalinowski have expertise in rapid expansion and strategic growth initiatives.

Madison Reed CEO and founder Amy Errett said: “Brian and Carrie join an immensely talented C-suite.

“With their experience, Madison Reed is uniquely positioned to scale and execute our omnichannel strategy.

“Our goal is to meet the needs of our customers wherever it is most convenient for them, be that at home, in our Color Bars or at a top beauty retailer such as Ulta. We are truly channel agnostic, which is a first for the hair colour industry, as is our creation of a prestige hair colour sold directly to consumers.”