Alameda County SBDCOakland, CA

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

 

Diishan Imira

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 a Business Advisor 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, and subsequently raised $13 million of venture capital financing to expand operations.

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Funded in part through cooperative agreements with the U.S. Small Business Administration, the California Governors Office for Business and Economic Development, and other private and public partners;  and nationally accredited by the association of SBDCs.