Upgrade Boutique, a Houston-based customized wigs brand with celebrities such as Mary J. Blige, Taraji P. Henson and Simone Biles among its clients, is launching a tech marketplace after its latest $1 million seed extension.
The most recent seed funding was led by global venture capital fund Anim and Bracken P. Darrell, the CEO of Logitech, according to a press release. Houston-based Mercury Fund and The Artemis Fund as well as Austin-based Next Coast Ventures also have also invested in Upgrade, for total funding of $3 million.
The additional seed funding allows Upgrade to launch a subscription model where small business owners like stylists are able to market, sell and distribute their own custom wigs on Upgrade's e-commerce platform — similar to Etsy.
Founder Britney Winters designed the platform to empower stylists with the tools to manage orders and launch their business. The wig market is expected to reach $13 billion globally by 2026, according to Arizton market analytics cited by Upgrade. And as Upgrade grows, the company plans to offer micro-loans so stylists can invest in inventory and fund growth and expansion opportunities.
“Through my own personal experience as a woman of color, I brought Upgrade to market as a solution to the broken experience of marketing and selling custom wigs,” Winters said. “I understand the tensions of funding and operating a company, which is why it’s critical for Upgrade to offer stylists the financial tools and services to grow their businesses and empower them economically.”
The platform for stylists will have direct messaging with consumers, one-click shipping capabilities, and data insights and analytics, along with safe checkout and payment protection.
"Britney is a master of launching and sustainably growing a business and has long been driven by supporting others to independently do the same. This next-level offering is the answer for Upgrade's current and new stylists seeking to 'upgrade' their own independent businesses, and customers who will now be welcomed with even more options when it comes to expecting and receiving the best,” said Anya Hayden, Anim's general partner.
Winters founded Upgrade in 2019 as a marketplace that connects consumers with stylists who customize wigs, and she opened the company's flagship location in the Third Ward in December 2021. Along the way, she has been intentional about creating opportunities, from this new e-commerce platform to employing stylists and associates from her old neighborhood for her flagship location.
"There are so many other successful Black-owned businesses on that strip in particular, so I'm just happy to be a part of that whole ecosystem," Winters said in a December 2021 interview.
Previously, Winters also noted she has been able to leverage her Stanford University and Harvard Business School education to launch her business and aims to help others do the same, especially as more and more Black Americans are leaving their jobs to start their own business.
