Growth Stage

Ulta Beauty's Newest Haircare Brand with $32M+ in Lifetime Sales

Ulta Beauty's Newest Haircare Brand with $32M+ in Lifetime Sales


Raised this Round: Raised: $1,524,242

Total Commitments ($USD)



Start Date


Close Date


Min. Goal
Max. Goal
Min. Investment


Security Type

Equity - Preferred


Series A

SEC Filing Type

RegCF    Open SEC Filing

Price Per Share


Pre-Money Valuation


Year Founded



Beauty & Personal Care

Tech Sector


Distribution Model




Capital Intensity



Chicago, Illinois

Business Type


CurlMix, with a valuation of $38.4 million, is raising funds on Wefunder. It is a haircare brand that helps people master their curls in 21 days. CurlMix is owned by Listener Brands, which also owns 4C ONLY. Both businesses have over 260,000 customers and have generated $32 million in lifetime sales. CurlMix products are available in 460 Ulta Beauty stores and have a loyal customer base. Kimberly Lewis and Timothy Lewis founded CurlMix in June 2017. The current crowdfunding campaign has a minimum target of $99,999 and a maximum target of $5 million. The campaign proceeds will be used for management’s compensation and payroll, marketing, and SG&A.

Summary Profit and Loss Statement

FY 2022 FY 2021












Net Income



Summary Balance Sheet

FY 2022 FY 2021




Accounts Receivable



Total Assets



Short-Term Debt



Long-Term Debt



Total Liabilities



Financials as of: 01/28/2024
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
CurlMix 03/31/2024 Wefunder $38,404,476 $1,524,242 Equity - Preferred Funded RegCF
CurlMix 12/22/2021 Wefunder $26,021,001 $4,088,963 Equity - Preferred Funded RegCF / RegD 506(c)
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Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Employee History

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**NOTE: Following the publication of this report, updates were implemented to the Q&A section of the raise page. Management has reported a revenue of $6 million for the year 2023, a decrease from $10 million in 2022. The ratings have been adjusted accordingly.

CurlMix, a haircare company owned by Listener Brands, offers a range of products specifically designed for curly hair. CurlMix's mission is to help people master their curls in just 21 days with shampoo, conditioner, moisturizer, and gel products. With over 260,000 customers and $32 million in lifetime sales, the company's products have resonated with the curly hair community. In addition to its online presence, CurlMix products are also available in 460 Ulta Beauty stores, further expanding its reach.

Listener Brands also owns 4C ONLY, another haircare brand that complements CurlMix's offerings. This dual-brand strategy allows the company to cater to a wider range of hair types and customer needs.

With a pre-money valuation of $38.4 million, CurlMix represents an investment opportunity in the growing market for specialized hair care products. The company's strong sales and customer base, combined with its presence in major retail stores, position it well for future success. Curlmix was also featured as a KingsCrowd Top Deal in 2021.

Next Section: Price


CurlMix is raising funds through preferred equity at a valuation of $38.4 million. With $10 million in gross revenue for 2022 and a revenue-to-valuation multiple of 3.84x, CurlMix is priced reasonably for a growth-stage beauty and personal care brand. The company is undervalued compared to many online private markets, presenting a great deal for investors in this round. Overall, CurlMix presents an opportunity for investors to participate in the growth of a beauty and personal care brand at an attractive valuation. 

Next Section: Market


CurlMix operates in the U.S. natural hair care products market, valued at approximately $2.45 billion. This market is experiencing 4.7% annual growth due to key drivers and trends. In particular, there is a growing awareness of the importance of using hair care products specifically formulated for different hair types. This trend leads to increased demand for targeted hair care solutions like CurlMix's products. While natural hair care products are a niche market that won't see explosive growth in the future, there will always be demand from those with specific haircare needs.   

Next Section: Team


CurlMix was co-founded by CEO Kimberly Lewis and CTO Tim Lewis. The husband-and-wife team has spent around ten years in the industry at the company and with The Natural Hair Academy Inc., a social network for the natural hair community that they founded in 2013. Under the leadership of Kimberly and Tim Lewis, CurlMix has experienced significant growth. The company has built a loyal customer base and generated $32 million in lifetime sales, demonstrating the pair's effectiveness as leaders. Both have degrees from the University of Illinois at Urbana-Champaign. The CurlMix team consists of 24 individuals who contribute to the company's success. 

Next Section: Differentiation


CurlMix differentiates itself in the competitive natural hair care products market by focusing on simplicity. The company offers a range of haircare products that help people master their curls in just 21 days, including a four-step wash-and-go system. 

With over 260,000 customers and $32 million in lifetime sales, CurlMix has established a loyal customer base and achieved significant market traction. The company's products are available in 460 Ulta Beauty stores, further expanding its reach and accessibility.

While CurlMix faces competition from established brands such as Curlsmith, Shea Moisture, DevaCurl, and Mielle, its commitment to comprehensiveness and simplicity sets it apart. CurlMix's appearance on Shark Tank and recognition as one of Oprah's favorite things have also contributed to its visibility and credibility in the market. These endorsements validate the quality and effectiveness of CurlMix's products, further differentiating the brand from its competitors.

CurlMix's commitment to simplicity and customer satisfaction sets it apart from its competitors. With a strong brand presence, a loyal customer base, and a focus on quality, CurlMix is well-positioned for growth in the US natural hair care products market.

Next Section: Performance


CurlMix, a haircare company owned by Listener Brands, has achieved impressive traction and growth in the beauty and personal care industry. With over 260,000 customers and $32 million in lifetime revenue, CurlMix has established a strong presence in the market. 

CurlMix has partnered successfully with Ulta Beauty, a major distributor, and its products are now available in 460 stores. This partnership has expanded CurlMix's reach and exposure to a wider customer base. Additionally, CurlMix has received recognition and endorsement from prominent figures such as Oprah Winfrey, who included CurlMix in her list of favorite things. The company's appearance on Shark Tank further boosted its visibility and credibility.

Regarding financial performance, CurlMix generated $10 million in gross revenue in 2022, representing a significant increase from previous years. The company has consistently demonstrated high revenue growth, with a growth rate of 117.48% since the last recorded fiscal year. This growth reflects the strong demand for CurlMix's products and the effectiveness of its marketing strategies. While CurlMix is in the pre-profit stage of development, it has managed to maintain a healthy cash position, with $1,043,693 in cash on hand. 

Next Section: Risk


Investing in CurlMix carries certain risks that potential investors should consider. Firstly, CurlMix operates in a competitive beauty and personal care market. The company's direct competitors include Curlsmith, Shea Moisture, DevaCurl, and Mielle. These established brands already have a strong presence and customer base, which may make it challenging for CurlMix to gain market share and compete effectively. It is also not difficult for new competitors to enter the market. 

Financially, the company's revenue growth is impressive, but it is important to note that CurlMix has not yet achieved profitability. The company relies on external funding to support its operations and growth, which poses a risk to investors if it cannot secure additional funding.

Lastly, while CurlMix has a strong market acceptance with a loyal customer base, it still faces the risk of changing consumer preferences and trends. Beauty and personal care trends can evolve quickly, and CurlMix must continuously innovate and adapt its product offerings to remain relevant and meet customer demands.

Next Section: Bullish Outlook

Bullish Outlook

CurlMix, a haircare company owned by Listener Brands, has established itself as a strong player in the US natural hair care products market. With over 260,000 customers and $32 million in lifetime sales, CurlMix has demonstrated its ability to attract and retain a loyal customer base. The company's products have gained traction and are now available in 460 Ulta Beauty stores. With annual revenue reaching $10 million in 2022 and a remarkable growth rate of 117.48%, CurlMix has proven its ability to generate substantial sales in a competitive industry.

The partnership with Ulta Beauty has significantly expanded CurlMix's distribution reach, allowing the brand to tap into a wider customer base. This strategic partnership can drive further growth and increase market share for CurlMix.

Furthermore, the company's valuation of $38.4 million presents a great deal for investors in this round. In terms of funding, CurlMix has received commitments from Backstage Capital's Arlan Hamilton and venture capital firm Cleveland Ave, further validating its business model and growth trajectory.

CurlMix's strong revenue growth, loyal customer base, strategic partnerships, and experienced investor backing position the company for continued success in the beauty and personal care industry. 

Next Section: Bearish Outlook

Bearish Outlook

While CurlMix has shown impressive revenue growth and has a loyal customer base, it operates in the competitive beauty and personal care industry. Competitors such as Curlsmith, Shea Moisture, DevaCurl, and Mielle have established products and brand recognition in the market.

The industry entry barriers are relatively low, allowing new entrants to introduce their own haircare products easily. This poses a risk to CurlMix's market share and growth potential. 

Furthermore, CurlMix reported a net loss of $4,569,819 in its most recent fiscal year, indicating potential challenges in achieving profitability in the near future. According to the offering circular, the team intends to reach profitability in 18 months. 

While CurlMix has achieved notable milestones and generated substantial revenue, investors should be cautious of the competitive landscape, the company's burn rate, and the challenges of achieving profitability in the highly competitive beauty and personal care industry.

Next Section: Executive Summary

Executive Summary

CurlMix, a haircare company owned by Listener Brands, is dedicated to helping people master their curls in 21 days. The company has generated $32 million in lifetime sales and boasts over 260,000 customers. CurlMix's products are available in 460 Ulta Beauty stores, indicating a strong market presence and customer loyalty.

The company operates in the US natural hair care products market, driven by diverse consumer needs, increasing awareness about the importance of using products specifically formulated for different hair types, and greater representation of people of color in media and advertising. 

Despite facing competition from several established brands, CurlMix has demonstrated impressive growth. The company has also raised over $9.7 million in prior funding rounds. It is now seeking to raise additional capital through crowdfunding, with a minimum target of $99,999 and a maximum target of $5 million.

CurlMix's strong market presence, impressive growth, and commitment to providing high-quality, specialized hair care products position it well for future success in the growing natural hair care products market.


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CurlMix on Wefunder 2024
Platform: Wefunder
Security Type: Equity - Preferred
Valuation: $38,404,476
Price per Share: $3.29

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