Carmel-based hairstylist site raises $365k

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Two Indianapolis-based venture capital firms, Elevate Ventures and Gravity Ventures, will invest $365,000 in mybestfriendshair.com, the company announced Monday.

The consumer review Web site, launched in July by co-founders Janell Shaffer and Danielle McDowell, enables users to write and browse reviews, photos and information about local hairstylists. The company is headquartered inCarmel.

“We are very excited to be investing in mybestfriendshair.com, as it is an outstanding tech start-up coming from Indiana, founded by two smart, industrious and creative entrepreneurs,” said Ryan Pfenninger, chief technology officer of Elevate Ventures, in a press release. “Mybestfriendshair.com is an excellent example of the type of innovative Indiana company we want to counsel and support, retaining top talent here in Indiana.”

In addition to the funds, mybestfriendshair.com will be adding four new members to its board of directors: Ryan Pfenninger, Elevate Ventures; Mike Katsis, president of The Sandstone Group; John Waters, founding CEO of Bright Automotive; and an undetermined member from Gravity Ventures.

“We are thrilled at the growth of our business and the opportunity to develop our site to make it a destination all about hair. The new investment and the expertise of our new Board members will be instrumental in helping us build out our vision as an online authority for hair,” said Shaffer in a press release.

Mybestfriendshair.com was also recently named a finalist in the 2012 Mira Awards in the IT Startup of the Year category. The Mira Awards recognize excellence and innovation among Indiana’s outstanding technology industry performers and contributors.

For more information, visit www.mybestfriendshair.com.


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