GlossGenius closes $25M Series B, more than tripling its last valuation to power its business-in-a-box solution for beauty and wellness small businesses
The vertical business-in-a-box technology has surpassed 40,000 businesses and $2B in activity, delivering a seamless salon and studio experience to 14M end-clients
NEW YORK, Sept. 27, 2022 /PRNewswire-PRWeb/ -- GlossGenius, the fastest growing business-in-a-box platform for small businesses in the beauty and wellness industry, today announced $25M in new financing co-led by Imaginary Ventures and Bessemer Venture Partners, with participation from Left Lane Capital. This represents more than a 3x increase in valuation over its last Bessemer-led Series A round and brings total funding to $44M since the company launched in 2016.
"We are pursuing a huge opportunity to overhaul an industry that has historically lagged in technological adoption and has been out-of-touch with the needs of its customers," said Danielle Cohen-Shohet, Founder & CEO of GlossGenius. "We are freeing business owners from outdated, time-consuming processes, giving them complete control over their business operations, and ultimately enabling them to build their unique brand identity and client experience in the same sophisticated way that larger companies would."
Owners of salons, spas and studios use GlossGenius as their primary business infrastructure, completely automating the client experience and streamlining their back office management, including payments, booking, inventory, communications, expenses, deposits, reporting, marketing and more.
Natalie Massenet, Co-Founder of Imaginary Ventures said "We [at Imaginary] believe that creators are driving significant economic shifts, and GlossGenius is the long overdue operating system of the $115B+ US beauty and wellness creator industry, helping professionals in the category start and run thriving businesses. The traction and customer love we've seen with GlossGenius speaks to the strength of the product and the path they're on to building an iconic brand that touches every part of beauty and wellness for both creative professionals and the millions of consumers they serve."
With over 40,000 businesses on the platform reaching 14M end-users, GlossGenius has seen its revenue grow by triple digit percentages year over year. The platform now powers over $2B of annualized transaction activity and on average, businesses earn 25-100% more revenue with GlossGenius. Over 70% of businesses are women-led of which many from underrepresented backgrounds, making its software a significant force for economic mobility. Through the platform, entrepreneurs and small business owners in the beauty and wellness industry can start and build bigger businesses. "We believe the upside is huge given the needs of our industry and the ongoing consolidation of the tech stack for small businesses," said Cohen-Shohet.
"With its product, team, and traction, GlossGenius is establishing itself as the dominant technology that supercharges the beauty wellness industry and beyond," said Kent Bennett from Bessemer. "Vertical small business technology has already transformed the way restaurants and retailers operate. As a company that is both led by women and empowering women-owned businesses, GlossGenius is doing the same thing for this massive yet underserved business vertical that has seen strong growth in recent times."
GlossGenius has grown its workforce approximately 2.5x over the last year and the additional funding will accelerate the company's delivery of new products and services, with a focus on vertical-specific functionality. In 2022, the company doubled down on product innovation as it recently launched Deposits and Tap to Pay. Recognizing its innovation, GlossGenius has received several recent accolades and has been recognized by Fast Company Most Innovative Companies, Tearsheet's Power of Payments Awards, the BeautyMatter NEXT Awards, and the Finovate Awards.
More than ever, small business owners of today are looking for more freedom, flexibility and ownership in their entrepreneurial endeavors. GlossGenius is enabling that with software that's consolidating the back office and giving small business owners a platform to succeed.
Media Contact
Alison Fortin, Six Eastern on behalf of GlossGenius, 1 (415)854-5794, [email protected]
SOURCE Six Eastern on behalf of GlossGenius
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