Meet Candace Mitchell, a 36-year-old African American entrepreneur and CEO of Myavana, a haircare recommendation platform. With just a $1,000 investment when she started, she has grown Myavana into a multi-million dollar company. Recently, the company raised $5.9 million, boosting its valuation to $50 million, up from $20 million just a few years ago.
Mitchell's journey began at age 10 when she eagerly connected and installed software on her family's new computer. That early experience ignited her passion for computer science, which she pursued through college."I remember thinking, 'I want to create software that can run on millions of computers like this one day,'" she told Forbes.
After earning a degree in computer science, Mitchell worked in IT roles before diving into entrepreneurship in 2011. Inspired by CNN's Black in America documentary, she took a bold leap, traded her apartment, and used her $1,000 savings to launch Myavana.
In 2012, Mitchell founded Myavana, which offers personalized haircare recommendations through its software platforms. Its platform uses a vast library of hair samples to suggest products that best match individual hair types. Although the company's software serves all ethnicities and genders, over 80% of its users are Black women.
Instead of selling products, Myavana earns revenue through software subscriptions and licensing fees from major clients like Procter & Gamble and Nordstrom. Its app, Myavana AI, boasts 50,000 subscribers.
"It's the computer science and cosmetology that allow us to do it," Mitchell says. "That knowledge that's baked into our algorithms -- that's how this works for all hair textures, types, and conditions."
In June, Myavana attracted significant investment as the company recently raised $5.9 million, bringing its total funding to $6.2 million. This funding came from notable backers including Amazon, H/L Ventures, and Reform Ventures, with Ulta Beauty leading the round. Ulta Beauty's involvement is significant, given its $15.3 billion market cap.
Moreover, Mitchell's goal is to expand Myavana further, using new funds to enhance digital infrastructure and install kiosks in beauty shops nationwide. She also plans to test retail stores in Africa. As the beauty industry continues to grow, Mitchell sees Myavana thriving, with hopes of taking the company public in the future.
Learn more about the brand via its official website at Myavana.com
Also, be sure to follow them on Instagram @MyavanaHairCare