In its first fundraise, New York City-based Glosslab raised over $3 million in growth financing for its unlimited membership nail concept.
WHO: Glosslab was founded by former hedge fund executive Rachel Apfel Glass in 2018 to modernize the manicure experience with a focus on hygiene and efficiency. Its two NYC locations in Flatiron and the West Village feature technology-enhanced services such as online booking, cashless payment, and contactless check-in and checkout. Glosslab has offered an unlimited membership model ($125/month for unlimited manicures + pedicures). This spring the brand launched an e-commerce site with three nail kits priced from $25-$35.
WHY: The funding will be used to open additional NYC locations and launch new products in the first quarter of 2021, through its direct-to-consumer channels and undisclosed big-box retailers.
IN THEIR OWN WORDS: “We see products as a huge category for us,” Rachel Apfel Glass, Glosslab CEO and founder, said. “We’re trying to take a piece of this industry and ask ourselves how we can make it better.”
Glass told Glossy the choice of investors was intentional and strategic, as she wanted to work with people who had experience in building and selling companies, as well as creating membership models.
- Glosslab raised over $3 million in its first fundraise from Andy Stenzler, co-founder of Rumble Boxing, Sean Rad, co-founder of Tinder, co-founder of F-ckJerry Elliot Tebele and his F-ckJerry partner and creator of What do you Meme? Ben Kaplan, and serial start-up investor M.J. Bas (Revolut, Elysium Health, Mural).
- The business claims its two existing locations are back to profitability, but they have not returned to pre-coronavirus revenue levels because they are required to operate at 25% capacity.
- Glosslab currently has 1,000+ members signed up in its unlimited service program.
- In 2021 the brand plans to launch a polish line and manicure and pedicure kits, followed by a full line of hand and foot care. In addition, five new locations are slated to open across Manhattan.
Photo: Dan Cristian Paduret via Unsplash