An estimated $13 billion is the market for wigs for women of color. Black women face unique issues when it comes to building wigs and the process usually takes eight hours or more to complete.
A group of four black women, two with masters of business administration from Wharton and the other two with PhDs from MIT, founded ParFAIT because they believed they could build a better and more efficient way to design and build wigs using technology. A group of people, including the CEO and her sister, came up with an innovative way to build wigs.
Four women have come up with a solution that allows women to choose a wig and answer a series of questions to come up with a final design. They have used machine learning and human stylists to make the final decisions with regards to tint and size. They got a $5 million seed investment for their idea.
The team brings a personal understanding of the industry they are attempting to serve, as Black women who have spent hours with styling teams building their own wigs.
Managing and caring for textured hair is a problem that many women of color experience.
The Black women's hair care product industry was looked at as a potential area for tech to be used. Despite the fact that consumers are willing to spend a lot of money on these types of products, little attention is being given to this market.
She found that the existing models lacked the diversity needed for this application when she looked at how machine learning and artificial intelligence could help streamline wig design and manufacturing.
The research led to the creation of products and experiences with technology that really recognize and prioritize all people. We are starting with wigs because we want to solve for people of color.
She turned to her sister Ifueko, a data scientist with a PhD from MIT, to help build the machine learning models that would be used to solve the problem. They were raised in a house with seven other siblings.
The company has built a digital process that can be used on the company website.
The process includes selecting a wig, filling out an online questionnaire, choosing your hair cut, the type of wig, whether you want to use an glue or not, and finally how. The wig is priced based on this information. The wig is delivered in 7 days after you give your credit card.
If you're nervous about making your own decisions, you can sign up for a 15-minute online consultation with a professional.
Making an antiquated process more streamlined for users is the main pain point that we are solving. They log into a website, spend 20 minutes on a page, choose their wigs, pay, we take a picture and then they're on their way.
Ifueko Igbinedion is one of the co-founders of ParFAit. The image is called ParFAit.
The company does a facial swap so customers can see what they will look like in a wig.
Machine learning is being used to do the sizing and tip matching of the actual product, which will make it an experience that people feel confident with their buying.
Instead of using artificial intelligence to enhance human hair, Parfait is using human hair to complement the artificial intelligence. The team of stylists that support our back end are using station-based manufacturing processes, but they have expert knowledge in this process of tint and sizing a wig, so they can look at a picture and say 'Oh, that prediction is.'
She says they aren't eliminating humans from the process because they can't expect artificial intelligence to be 100% accurate. The process should be better and more accurate in the future as the humans make these adjustments.
With a clever solution, a huge addressable market and a highly capable group of co-founders, you would think getting funding for this idea would be easy, but they faced the same obstacles that many people of color face. The challenge is more difficult for women of color. According to a recent article by Dominic- Madori Davis, women of color receive less investment resources than their white counterparts.
Last year, women raised just 2% of the record $330 billion in venture capital. Of that 2%, less than 0.50% went to Black women, approximately 0.51% went to Latina founders, an estimated 0.71% went to Asian women, and a mere 0.004% went to Indigenous founders, according to Crunchbase data.
When most investors didn't understand the target market, it was difficult to get investors to understand the scope of the problem.
It was very difficult. We were not given the time of day in the beginning. People didn't believe in the space. They didn't think it was large enough. She said that they didn't fully understand that it needed technology to solve it.
It may have taken a black investor like Kobie to invest in the idea. Many other investors have failed to take advantage of the great potential that is available to them. It is odd that not many people think about the product that they have developed.
There is a lack of Black check writers in venture capital who understand that there are different markets out there that traditional VC firms are missing for.
There needs to be more black check writers out there that are willing and eager to meet these founders and are able to quickly understand these use cases that deserve capital, not only because the community deserves the support, and deserves to have products that have innovation being funneled to them, but
The four founders want to change the way wigs are purchased. They believe that by using technology they can create a standardized process. They found an investor who believed in their vision to start.
Upgrade gives hair stylists tools to market, sell custom wigs from one marketplace
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