GlossGenius Positive factors Form C Funding – WWD
GlossGenius, a device platform for beauty salons, has raised $28 million in layout C investment.
The fairness spherical was once led by way of L Catterton Expansion Charity, with participation from Bessemer Mission Companions and Imaginary Ventures at a $510 million valuation.
Introduced in 2016 by way of Princeton graduate Danielle Cohen-Shohet, GlossGenius’s generation manages mini industry’ end-to-end workflows throughout their back-office and front-office similar to bills, bookings, stock, bills, advertising, communications, analytics, site design and extra. In keeping with L Catterton, it serves round 50,000 beauty execs within the U.S. these days.
At the fresh investment, Cohen-Shohet, who’s important govt officer, stated: “L Catterton is one of the leading global consumer-focused investment firms. They have very deep roots in the beauty, wellness industry, having invested in some iconic consumer and software companies in a space that is very important and relevant for us. And when it came to the C round, it was just a wonderful opportunity to work with a partner in this space that had such preeminence with their prior knowledge and past investments.”
The alternative investment will boost up GlossGenius’ building of its platform, following its contemporary let fall of myriad client revel in, fee and automation merchandise, in step with Cohen-Shohet.
“We have been helping our business customers grow revenue by 25 to 100 percent and save hours of manual work every single day, driving financial success for local entrepreneurs,” she added. “This round will help us extend our leadership and continue to support these businesses.”
Of its funding, Ian Friedman, a spouse in L Catterton’s Expansion Charity, instructed WWD that he sees a weighty alternative for the corporate to develop its buyer bottom.
“Today it’s seeing unbelievable traction with 50,000 beauty professionals, but there are 1.3 million beauty professionals in the U.S. alone so there is a very large market out there,” he stated. “We know that about half of beauty entrepreneurs don’t even use software today. They’re using pen and paper. They’re using Google documents, which brings a lot of friction to the process of booking. It’s hard for customers, it’s hard for them to manage their business. And we know that by moving to GlossGenius, you see incredible benefits. So with our investment we think a lot more beauty professionals are going to be adopting the software.”
That is the second one lift for GlossGenius within the extreme one year and brings the corporate’s overall investment to about $70 million to age.
In September, it raised $25 million in a layout B spherical led by way of Imaginary Ventures and Bessemer Mission Companions, with participation from Left Lane Capital. In 2021, it stated it had raised $19 million from a seed spherical, plus a layout A funding led by way of Bessemer Mission Companions.