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Waeve Raises $2 Million in Seed Funding

June 18, 2021 BeautyMatter
June 18, 2021
Vladimir Yelizarov via Unsplash

The new wig destination Waeve is helping Black women reclaim their agency in the beauty industry with $2 million in seed funding.

WHO: Waeve offers trend-forward, ready-to-wear real and synthetic wigs at affordable prices that allow customers to change up their hair as often as they change their clothes. With a simple online purchasing experience and complementary Wig Starter Kit, Waeve empowers Black women, inclusive of all Black femmes, to express their current-moment self and reclaim their time so they can focus on what’s most important in their lives. Waeve was founded in 2018 by three Black women, Mary Imevbore, Susana Hawken, and Tiiso McGinty, who want others to consume wigs in a way that sparks joy and to embrace “Feel Good Hair,” a manifesto dedicated to looking good, feeling good, and doing good.

WHY: For decades, Black women have faced the issue of underrepresentation in retail and beauty spaces. With the Black haircare industry raking in more than $2.5 billion annually, Waeve is breaking into the industry with wigs created by Black women that fulfill their needs. 

IN THEIR OWN WORDS: “When I was going through my natural hair journey, I discovered wigs and realized that there weren’t any brands that spoke to me as a customer. Numerous nameless vendors, wildly disparate prices and stock photos of the same Black women on every site, made it a struggle to have a seamless and fun shopping experience,” said Mary Imevbore, co-founder and CEO of Waeve. “When we created Waeve, we kept in mind that each woman has a unique relationship and journey with her own hair. As a result, we created a quality product that Black women want and need, with an easy-to-navigate experience and uncomplicated return policy.”

“When I met Mary and her co-founders and heard their vision for the Black hair care industry, it was clear that they were creating a company that would be transformative,” said Sarah Hodges, Partner at Pillar VC. “Waeve is making wigs more accessible, wearable, and fashionable by building a community and brand that will change the way the world views wigs.”

DETAILS:

  • Waeve secured $2 million seed funding led by Pillar VC with participation from Maveron, Henry Davis (former COO of Glossier), Bryan Mahoney (former CTO of Glossier), Ali Weiss (Chief Marketing Officer of Glossier), TJ Parker (co-founder & CEO of PillPack), and Elliot Cohen (co-founder of PillPack), among others.
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