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GlossGenius Gains Series C Investment – Yahoo News Canada

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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.

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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