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Glamsquad Lands Minority Investment from Boathouse Capital

January 16, 2023
January 16, 2023
Glamsquad

Glamsquad, the on-demand beauty service platform, has bounced back from the pandemic, securing a minority growth investment from Boathouse Capital to fuel national expansion plans.

WHO: Launched in 2014, Glamsquad is an app-based beauty provider delivering professional and affordable beauty services to the home or office. The team of experienced hair stylists and makeup artists are expertly trained to guarantee consistent, high-quality results, and a positive stylist experience with every appointment. The company currently operates in New York City, Los Angeles, Miami, Washington, DC, Boston, and San Francisco.

Boathouse Capital is a Philadelphia-based private equity firm with $350 million of capital under management, investing $5 million to $40 million of flexible capital in the form of debt and/or equity into high-growth middle-market companies, including SaaS/software, technology-enabled services, and healthcare IT / services companies.

WHY: Glamsquad will use the funds to build out its team, shift its focus to experiential marketing, which has been historically successful, and expand nationwide in 15-20 cities over the next two years.

IN THEIR OWN WORDS: "Since its founding, Glamsquad has built an exceptionally strong brand and reputation focused on delivering high-quality, highly convenient beauty services to their customers. While the pandemic was a difficult period to navigate, the steadfast commitment by Co-Founders Dave Goldweitz and Giovanni Vaccaro helped the Company reach profitability and positioned Glamsquad for future success," says Shivam Patel, Principal at Boathouse Capital. "We are thrilled to partner with the high-caliber Glamsquad team and the current owner, JMB Capital, on expanding the Company into new markets and verticals while continuing to operate in a streamlined and cost-efficient manner."

"After stabilizing the Company and restructuring the business to achieve profitability throughout the challenges of the pandemic, we are thrilled to partner with Shivam and the team at Boathouse as we reinvigorate the Company's growth initiatives by focusing on expanding Glamsquad's presence into additional markets nationwide," added Vikas Tandon, CIO of JMB Capital and Chairman of Glamsquad Holdings.

Dave Goldweitz, CEO of Glamsquad, remarked, "We are so proud of the Glamsquad team, and especially the thousands of independent beauty professionals whose commitment and dedication during the pandemic was crucial to the company's survival. With this capital investment from Boathouse, Glamsquad can continue that forward momentum and is now well positioned for future success."

DETAILS:

  • Glamsquad landed a minority growth investment from Boathouse Capital. The terms of the investment were not disclosed.
  • The business claims to have been profitable for the last 18 months, and industry sources project the company to reach $20 million in 2023 under the new strategy. 
  • According to Crunchbase, the company has raised $28 million to date. 
  • In 2015, New Enterprise Associates led a $15 million Series B financing round for the company, with participation from existing investors SoftBank Capital, Lerer Hippeau Ventures, Montage Ventures, and AOL's BBG Ventures.
  • In 2014, Glamsquad closed $7 million in Series A funding led by SoftBank Capital with minority participation from Lerer Ventures, AOL's BBG Fund, and Montage Ventures.
  • American Discovery Capital and Lowenstein Sandler LLP represented Glamsquad. Latham & Watkins LLP advised Boathouse Capital in the transaction.
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