GlossGenius has successfully raised $28 million in a Series C funding round, with L Catterton leading the investment. Bessemer Venture Partners and Imaginary Ventures also participated in the funding. This round has valued GlossGenius at an impressive $510 million, marking the second up-round for the startup in the past year. The total funds raised by GlossGenius now amount to approximately $70 million.
The platform, founded in 2016 by Danielle Cohen-Shohet in New York, specializes in managing bookings and payments for salons and spas. The motivation behind creating GlossGenius came from Danielle’s firsthand experience in managing a makeup artistry business and interacting with clients. Her previous venture with her twin sister, Leah, in the digital receipts point-of-sale space during college also contributed to her journey in developing the MVP (Minimum Viable Product) for GlossGenius, as she learned coding skills.
Danielle Cohen-Shohet, the Founder and CEO, explained that GlossGenius is rapidly becoming one of the fastest-growing software companies in this sector, powering billions of dollars in annual transactions. It has become a crucial tool for business owners who have historically been underserved by technology, offering them complete control over their operations, allowing them to scale and build unique brand identities and client experiences similar to larger enterprises.
The platform serves as a vertical software embedded payments app, tailored exclusively for the beauty and wellness industry. With GlossGenius, businesses can efficiently manage workflows across their back and front offices, including tasks related to payments, booking, inventory expenses, and marketing. Moreover, the platform includes a customizable card reader that aligns with each business’s branding.
As the demand for online booking continues to rise, GlossGenius has seen consistent expansion. It currently serves over 60,000 spas and beauty salons, handling billions of dollars in transactions annually. Business owners who embrace booking technology are benefiting from increased client engagement and improved revenue.
Despite fierce competition from other players in the market, GlossGenius stands out due to its continued growth and resilient performance, even in the aftermath of the COVID-19 pandemic. The beauty and wellness industry has shown a willingness to adopt new technologies to enhance revenue streams, with marketing software, point-of-sales systems, and cloud software being the top areas of investment.
While the competition is intense, GlossGenius aims to maintain its leading position in the industry as the field becomes increasingly crowded. The backing from L Catterton, with its expertise in the beauty sector and investments in disruptive software businesses, provides confidence in GlossGenius’ future success.
In conclusion, GlossGenius’ recent funding round has provided substantial resources for the development of new products, further supporting beauty and wellness business owners while solidifying the platform’s status as an industry go-to for managing bookings and payments.