Fresha salon and spa software secures £31.9 million investment
Beauty and wellness software platform Fresha has announced over $52 million (£39.1 million) additional investment into its Series C expansion, led by leading global growth equity firm General Atlantic, resulting in $152.5 million (£114.7 million) total.
The extension investment, led by Michael Lahyani and BECO Capital, also included new contributions from Fresha's existing investors General Atlantic, Partech, Target Global and FMZ Ventures, with the company now being valued at a total of over $640 million (£481.49 million)
Aaron Goldman, global co-head of financial service and managing director at General Atlantic said, “We strongly believe in Fresha's balanced strategy of providing one of the best products in the market at no cost to salons and then driving monetisation via payments and value-added services.”
With approximately 60,000 salon and spa users across 120 countries, the business helps salons facilitate appointment bookings, point-of-sale, customer records management, marketing automation, loyalty, beauty products inventory and team management.
The company aims to provide a “one-stop-shop” for business owners by providing all these elements on a single platform, instead of having to use multiple single offering businesses for each area.
Founder and chief executive William Zeqiri said that the Fresha model “differs from the more traditional incumbent software-as-a-service (SaaS) providers that focus on a single offering," adding, “Business owners once had to utilise fragmented tools that attempt to solve operational challenges piecemeal; a business might use MailChimp for marketing, Wix for their website, Shopify to sell beauty products online, Square for payment processing, and other tools for calendar management and marketing. Our mission is to be the go-to one-stop-shop solution that addresses each and every pain point for the industry holistically.”