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 down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
