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GlossGenius, a software program platform for beauty salons, has raised $28 million in collection C funding.
The fairness spherical was led by L Catterton Progress 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 know-how manages small enterprise’ end-to-end workflows throughout their back-office and front-office akin to funds, bookings, stock, bills, advertising, communications, analytics, web site design and extra. In line with L Catterton, it serves round 50,000 beauty professionals within the U.S. presently.
On the brand new investment, Cohen-Shohet, who’s chief government officer, mentioned: “L Catterton is likely one of the main world consumer-focused investment companies. They’ve very deep roots within the magnificence, wellness business, having invested in some iconic shopper and software program firms in an area that is essential and related for us. And when it got here to the C spherical, it was only a fantastic alternative to work with a companion on this area that had such preeminence with their prior information and previous investments.”
The extra funding will speed up GlossGenius’ growth of its platform, following its current launch of myriad shopper expertise, fee and automation merchandise, based on Cohen-Shohet.
“Now we have been serving to our enterprise prospects 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 Progress Fund, advised WWD that he sees an enormous alternative for the corporate to develop its buyer base.
“Right now 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 right this moment. They’re utilizing pen and paper. They’re utilizing Google paperwork, which brings a whole lot of friction to the method of reserving. It’s laborious for patrons, it’s laborious for them to handle their enterprise. And we all know that by shifting to GlossGenius, you see unimaginable advantages. So with our funding we predict 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 whole funding to about $70 million to this point.
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.
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