Braidbabes set the stage for its future in 2021, more than tripling its year-over-year revenue as business in target markets Buffalo and Nashville continued to bustle.
Now the company is turning to the world of equity crowdfunding to support the next phase of its growth.
The Buffalo-based startup, founded by Emmily Bowman and Tori Everett, is seeking to raise up to $750,000 in a Wefunder campaign.
“Braidbabes has always been about community, and we have a great support system in Buffalo,” Bowman said. “We believe this is a cool opportunity to bring our supporters along with us by giving them equity.”
The mobile hair-styling business did have one hiccup last year – it had to shut down its operation in Raleigh because of legal reasons related to mobile services.
But it has been heavily focused on proving out the core processes and business model in Buffalo and Nashville. The company will launch this year in the Austin and Scottsdale markets.
The company plans to launch an app by late summer that will optimize the schedules of its braiders, while also giving customers access to push notifications and deals.
Bowman, who graduated from the University at Buffalo in 2015 with a degree in mathematics and worked in subsequent tech roles at Willis Towers Watson and Independent Health, said an app customized to the braidbabes business will be a "game-changer."
The startup’s braiders are employees and will do anything from individual appointments to private parties to public events. High-profile entertainment acts and bachelorette parties have proven to be a robust business in Nashville, while corporate "braid bars" have gained a foothold in Western New York.
"Our parties in Nashville are exploding, and in Buffalo we're still growing rapidly as well," Bowman said.
Braidbabes closed on a $500,000 round of pre-seed funding last year, with contributions from Launch NY, the Buffalo Angels and other angel investors. This time around, the campaign will rely on a much bigger pool of approvals.
Bowman said the Wefunder goal is $750,000, but the official limit of the round is $1 million.
“When you’re talking to investors, you close the round with three or four of them and it’s over,” Bowman said. “In crowdfunding, you’re asking a lot of people to say yes. So it’s a little scary but I’m excited.”
