Boulevard, the business management platform powering the next generation of salons and spas, raised $27 million in Series B funding, co-led by Index Ventures and Toba Capital.

WHO: Boulevard is the premier salon and spa management platform designed to streamline operations, increase sales, and delight customers. Developed in collaboration with industry-leading owners and operators, the company’s all-in-one platform includes client self-scheduling, CRM, marketing, custom reporting, and integrated payment processing. Boulevard delivers an intuitive, modern SaaS solution to an industry traditionally underserved by technology, helping them unlock their full potential. Boulevard is based in Los Angeles and was founded in 2016 by Matt Danna and Sean Stavropoulos.

WHY: Boulevard now has 90 employees and will look to expand the team as it continues expansion.

IN THEIR OWN WORDS: “With limited access to the professionals that help us look and feel our best, I think the world has realized something that our team has always recognized: salons and spas are more than a luxury, they are essential to our well-being,” said co-founder and CEO Matt Danna. “We are humbled that so many businesses are placing their trust in us during such a turbulent time. This new capital will help accelerate our mission and deliver value to salons and spas that they never imagined was possible from technology.”

“Boulevard is revitalizing the salon and spa industry, as evidenced by the company’s sustained 300-400% revenue growth over the last three years,” said Damir Becirovic of Index Ventures, who also previously led the company’s Series A round. “The company’s easy-to-use and powerful platform is transforming the economics for salons and spas in a time when consumer demand for beauty and wellness services is growing. We’re thrilled to deepen our partnership with their talented team.”

“The secret to this company’s success has been in always putting its customers first, no matter what the economy looks like,” said Patrick Mathieson of Toba Capital, who joined Index as co-lead in the round. “Not many companies can more than double their customer count during a period when the entire industry is temporarily closed for business. This is a special company, and we’re delighted to be invited aboard for the journey.”

DETAILS:

• Boulevard raised $27 million in Series B funding, co-led by Index Ventures and Toba Capital, with participation from VMG Partners, Bonfire Ventures, Ludlow Ventures, and BoxGroup.
• In November 2019 the company raised $11 million in a Series A round from investors including Index Ventures and Bonfire Ventures. As a result of the investment, Damir Becirovic from Index Ventures and Jim Andelman of Bonfire will both take seats on the company’s board of directors.
• Boulevard’s customers report significant improvements in revenue after adopting the platform: on average, an increase of 16% in services booked, 18% in retail revenue, and 24% in additional gratuity to stylists. Boulevard also reduces costs, with 71% fewer no-shows and late cancels, 32% fewer front-desk hours clocked, and 56% fewer phone calls. Altogether, Boulevard-powered businesses can see a doubling of profit in as little as 90 days.