GlossGenius, a software platform for beauty salons, has raised $28 million in series C funding.
The equity round was led by L Catterton Growth Fund, with participation from Bessemer Venture Partners and Imaginary Ventures at a $510 million valuation.
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Launched in 2016 by Princeton graduate Danielle Cohen-Shohet, GlossGenius’s technology manages small business’ end-to-end workflows across their back-office and front-office such as payments, bookings, inventory, expenses, marketing, communications, analytics, website design and more. According to L Catterton, it serves around 50,000 beauty professionals in the U.S. currently.
On the new investment, Cohen-Shohet, who is chief executive officer, said: “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 additional funding will accelerate GlossGenius’ development of its platform, following its recent release of myriad consumer experience, payment and automation products, according to 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 investment, Ian Friedman, a partner in L Catterton’s Growth Fund, told WWD that he sees a big opportunity for the company to grow its customer base.
“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 said. “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.”
This is the second raise for GlossGenius in the last 12 months and brings the company’s total funding to about $70 million to date.
In September, it raised $25 million in a series B round led by Imaginary Ventures and Bessemer Venture Partners, with participation from Left Lane Capital. In 2021, it said it had raised $19 million from a seed round, plus a series A investment led by Bessemer Venture Partners.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
