Candace Mitchell’s entrepreneurial journey is a testament to determination, innovation, and passion. As the CEO of Myavana, a haircare recommendation platform, Mitchell has turned her startup into a $50 million company. This remarkable achievement is even more inspiring when considering her humble beginnings.
At just 10 years old, Mitchell’s curiosity led her to set up her family’s first computer. That early experience sparked a lifelong passion for computer science. “I remember thinking, ‘I want to create software that can run on millions of computers like this one day,’” Mitchell recalls. Fast forward to June 2024, and she’s closer than ever to realizing that childhood dream.
In a significant milestone for Myavana, the company recently secured $5.9 million in funding from major investors, including Amazon, H/L Ventures, Reform Ventures, and New Age Capital. Ulta Beauty, a cosmetics giant with a market cap of $15.3 billion, led the investment round through its corporate venture arm, Prisma Ventures. This influx of capital has propelled Myavana’s valuation to $50 million, more than doubling its $20 million valuation in 2021.
Mitchell, now 36, is not only fulfilling her childhood aspirations but also making a substantial impact in the beauty industry. Myavana, founded in 2012 and based in Atlanta, Georgia, has grown into a thriving enterprise with 22 employees. The company specializes in using a library of hair samples to train its software, which recommends haircare products tailored to individual hair textures. While Myavana’s technology works for all ethnicities and genders, the core customer base is Black women, who make up over 80% of its clientele.
The platform’s success lies in its unique blend of computer science and cosmetology. “It’s the computer science and cosmetology that allow us to do it,” Mitchell explains. “That knowledge, baked into our algorithms, is how this works for all hair textures, types, and conditions.” Myavana generates revenue through software subscriptions and licensing fees from clients, including industry giants like Procter & Gamble, Nordstrom, and Unilever. The company’s mobile app, Myavana AI, has already attracted 50,000 subscribers.
The U.S. cosmetic and beauty industry, valued at approximately $100 billion, includes a $15 billion market for haircare products. As consumers increasingly shift their shopping habits online, there’s growing interest in predictive cosmetics platforms like Myavana. Oliver Libby, managing partner at H/L Ventures, was quickly convinced of the company’s potential after learning about its software earlier this year. “This company is high traction and growing quickly,” Libby says. He also hints at future expansions: “You have this data, particularly chemical analysis on the hair – you could see a Myavana health division come out of this.”
Mitchell’s path to success has been far from straightforward. Growing up in Stone Mountain, Georgia, her passion for software continued to flourish throughout her childhood. By high school, she was studying web design, and in 2006, she enrolled at the Georgia Institute of Technology. There, she honed her skills in writing algorithms and graduated with a bachelor’s degree in computer science. Following college, Mitchell worked in IT roles at Siemens and Pepsi before taking a leap into entrepreneurship.
In November 2011, Mitchell made the bold decision to leave her stable job and pursue her dream of starting Myavana. Inspired by the CNN documentary Black in America: The New Promised Land – Silicon Valley, which featured Angela Benton, the founder of startup accelerator NewMe, Mitchell knew she had to act. “It’s like that moment when you feel like, ‘If I don’t go for it, I’m going to miss it,’” she says. With only $1,000 in her checking account, Mitchell moved back in with her mother and embarked on the challenging journey of building her company.
Twelve years later, Myavana is not only profitable but poised for significant growth. The company plans to use its recent funding to enhance its digital infrastructure, install kiosks in beauty shops across the country, and further test a retail store in Africa. Mitchell also envisions an IPO in the future. “That’s my North Star,” she says, acknowledging that reaching this goal will require patience and perseverance.
Mitchell’s story is part of a broader trend of Black entrepreneurship in the United States. According to the Pew Research Center, there were over 161,000 Black or African-American majority-owned firms in the U.S. in 2021, generating $183.3 billion in revenue and employing 1.4 million workers. These firms represent just 3% of businesses owned in the U.S., highlighting the importance of platforms like ForbesBLK’s Road to Economic Empowerment series, which celebrates innovative Black entrepreneurs like Mitchell.
As Myavana continues to grow, Candace Mitchell’s journey from a young girl fascinated by computers to the CEO of a multimillion-dollar software company serves as an inspiring example of what can be achieved through determination, innovation, and a commitment to one’s passions.
