GlossGenius, a software program platform for magnificence salons, has raised $28 million in collection C funding.
The fairness spherical was led by L Catterton Development Fund, with participation from Bessemer Enterprise Companions and Imaginary Ventures at a $510 million valuation.
Launched in 2016 by Princeton graduate Danielle Cohen-Shohet, GlossGenius’s expertise manages small enterprise’ end-to-end workflows throughout their back-office and front-office resembling funds, bookings, stock, bills, advertising, communications, analytics, web site design and extra. In keeping with L Catterton, it serves round 50,000 magnificence professionals within the U.S. at the moment.
On the brand new funding, Cohen-Shohet, who’s chief government officer, mentioned: “L Catterton is among the main international consumer-focused funding corporations. They’ve very deep roots within the magnificence, wellness trade, having invested in some iconic shopper and software program corporations in an area that is essential and related for us. And when it got here to the C spherical, it was only a great alternative to work with a companion on this house that had such preeminence with their prior data and previous investments.”
The extra funding will speed up GlossGenius’ improvement of its platform, following its current launch of myriad shopper expertise, fee and automation merchandise, in line with Cohen-Shohet.
“Now we have been serving to our enterprise clients develop income by 25 to 100% and save hours of guide work each single day, driving monetary success for native entrepreneurs,” she added. “This spherical will assist us prolong our management and proceed to help these companies.”
Of its funding, Ian Friedman, a companion in L Catterton’s Development Fund, instructed WWD that he sees a giant alternative for the corporate to develop its buyer base.
“In the present day it’s seeing unbelievable traction with 50,000 magnificence professionals, however there are 1.3 million magnificence professionals within the U.S. alone so there’s a very massive market on the market,” he mentioned. “We all know that about half of magnificence entrepreneurs don’t even use software program in the present day. They’re utilizing pen and paper. They’re utilizing Google paperwork, which brings quite a lot of friction to the method of reserving. It’s arduous for purchasers, it’s arduous for them to handle their enterprise. And we all know that by shifting to GlossGenius, you see unimaginable advantages. So with our funding we expect much more magnificence professionals are going to be adopting the software program.”
That is the second increase for GlossGenius within the final 12 months and brings the corporate’s complete funding to about $70 million so far.
In September, it raised $25 million in a collection B spherical led by Imaginary Ventures and Bessemer Enterprise Companions, with participation from Left Lane Capital. In 2021, it mentioned it had raised $19 million from a seed spherical, plus a collection A funding led by Bessemer Enterprise Companions.
