GlossGenius gets a $500M valuation

GlossGenius, a salon operating software and payments startup, raised $28 million in funding led by L Catterton, valuing the business at $510 million.

Why it matters: The company was valued at $360 million in September 2022.

Details: GlossGenius, like restaurant software business Toast, earns revenue from both subscriptions and payments.

• CEO Danielle Cohen-Shohet says revenue more than doubled over the last 12 months to a figure in the tens of millions.
• Bessemer and Imaginary Ventures also participated in the round.

The big picture: The beauty services industry was one of the hardest hit during the pandemic. Still, the Bureau of Labor Statistics projects that the industry will grow, job-wise, at a faster clip than the rest of the employment market in the next decade.

• The BLS expects the economy to add 7.7% more jobs from 2020 to 2030. It expects that growth will be 33% for the personal care services industry.
• That comes as more men are seeking grooming services, and as Zoom has only magnified self-consciousness.

State of play: The company's raise comes as other salon software businesses have ramped up funding in the last year.

• Mangomint raised $13 million, as was announced in December.
• Also focused on the beauty and wellness industry, Boulevard raised $70 million in a deal announced in August.
• Luxembourg-based Salonkee raised €28 million in June.