GlossGenius, the business-in-a-box platform for small businesses in the beauty and wellness sector, closed a $28 million Series C funding round led by the Growth Fund of L Catterton.

WHO: GlossGenius was founded in 2016 by Danielle Cohen-Shohet and Karim Butt as an all-in-one platform for beauty and wellness business owners to launch, operate, and maintain their businesses. The platform aims to be a "business in a box" solution for salon, spa, and studio owners. Small business owners use GlossGenius as their primary business infrastructure to manage end-to-end workflows across their back office and front office such as payments, booking, inventory, expenses, marketing, and more.

WHY: The funding will fuel GlossGenius's continued innovation and enable the company to deliver even more advanced products and services to support entrepreneurial business owners in the beauty and wellness vertical.

IN THEIR OWN WORDS: “Given our deep expertise in beauty and our investments in disruptive software businesses across consumer verticals, we see a compelling opportunity to serve these businesses with better and more powerful tech,” said Ian Friedman, a Partner in L Catterton’s Growth Fund. “The overwhelming enthusiasm displayed by GlossGenius’ customers is a testament to the product’s excellence and the company’s position as the go-to platform in the industry. We are thrilled to leverage our expertise scaling consumer and technology businesses to support GlossGenius’ ambitious growth plans.” 

“Large shifts in the beauty and wellness industry have provided a significant opportunity for vertical operating systems to create unprecedented value,” said Danielle Cohen-Shohet, CEO and founder, GlossGenius. “We have been helping our business customers grow revenue by 25-100% and save hours of manual work every single day, driving financial success for local entrepreneurs. Our team’s demonstrated ability to consistently bring the best products to market with the most intuitive user experiences has enabled our customers to think bigger and run better businesses. This round will help us extend our leadership and continue to support these businesses.”

DETAILS:

• GlossGenius closed a $28 million Series C funding round led by the Growth Fund of L Catterton with participation from Bessemer Venture Partners and Imaginary Ventures.
• This round is the second up-round for GlossGenius in the last 12 months, and brings the company’s total funding to approximately $70 million to date.
• GlossGenius has over 40,000 customers and sees about $2 billion in annualized transaction volume on its platform, resulting in triple-digit growth in the last year.
• In September 2022, GlossGenius closed a $25 million Series B co-led by Imaginary Ventures and Bessemer Venture Partners, with participation from Left Lane Capital. This round represents more than a 3x increase in valuation over its Series A round.
• The company closed a $16.4 million Series A in January 2022 led by Bessemer Venture Partners with participation by Left Lane Capital, Tobias Lütke (co-founder & CEO of Shopify), Chris Comparato (CEO of Toast), Aman Narang (co-founder of Toast), Robert Murphy (co-founder of Mindbody), Yelp execs, and other fintech execs.
• In 2021, the business raised $19 million from a seed round, plus a series A investment led by Bessemer Venture Partners. 
• Launched in 2016, the company raised $2.8 million in pre-seed funding from Techstars and angel investors.