GlossGenius has secured $28 million in Series C funding to continue building its platform for small business owners in the beauty and wellness industry.
This is the second up-round for GlossGenius in the last 12 months and it brings the company’s total funding to date to about $70 million, GlossGenius said in a Thursday (July 27) press release.
“Large shifts in the beauty and wellness industry have provided a significant opportunity for vertical operating systems to create unprecedented value,” GlossGenius CEO and founder Danielle Cohen-Shohet said in the release. “We have been helping our business customers grow revenue by 25% to 100% and save hours of manual work every single day, driving financial success for local entrepreneurs.”
GlossGenius helps local entrepreneurs manage payments, booking, inventory, expenses, marketing, and other back-office and front-office workflows, according to the press release. With billions of dollars in annualized activity on the platform, the company saw its business grow by triple-digit percentages in the last year.
The additional funding will enable GlossGenius to continue its innovation, deliver more advanced products and services to support business owners in the beauty and wellness vertical, and accelerate the development of its platform, the release said. The firm has already added several consumer experience, payment and automation products.
The latest equity round was led by the Growth Fund of L Catterton.
Ian Friedman, a partner in L Catterton’s Growth Fund, said in the release: “The overwhelming enthusiasm displayed by GlossGenius’ customers is a testament to the product’s excellence and the company’s position as the go-to platform in the industry. We are thrilled to leverage our expertise scaling consumer and technology businesses to support GlossGenius’ ambitious growth plans.”
PYMNTS research has found that the beauty and wellness industry is seeing new shifts in how consumers purchase and interact with both service and product offerings.
As a result, spas, salons and other providers of these services are expanding their digital presence, from booking and payment capabilities to customer outreach and advertising, according to “The Digital Transformation of Beauty and Wellness Services,” the May edition of the “B2B and Digital Payments Tracker Series,” a PYMNTS and American Express collaboration.
The report also found that beauty service providers that don’t provide their customers a convenient way to book and pay for appointments can no longer compete with establishments that are more technically advanced.