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GlossGenius, a back-office management platform, raised $25 million to usher small beauty and wellness businesses into the digital age.

Why it matters: The beauty segment attracted about $2.94 billion from venture funds last year, per PitchBook.

While investment has slowed this year, PitchBook says VCs are still paying up for brands that embrace technology.

What’s happening: The Series B round was co-led by Imaginary Ventures and Bessemer Venture Partners. Left Lane Capital participated.

GlossGenius was last valued at $117 million as of May 2021, per PitchBook. The company is now more than 3x its prior valuation, the company tells Axios.

What’s next: Fresh funds will finance hiring and product development, CEO Danielle Cohen-Shohet says.

New York-based GlossGenius also hopes to augment its fintech capabilities as well as to provide vertical software beyond just managing workflows.

How it works: GlossGenius supports owners of salons, spas and studios with their tech infrastructure.

This includes payments, booking, inventory, expenses, deposits, marketing and communications.

What they’re saying: “When I think about the kind of more general purpose-built platforms, they're really not capturing a lot of the nuanced workflows that business owners have and need to fully focus on the clients,” Cohen-Shohet says.

Back-office functions for salons and studios are industry-specific, with other platforms not accounting for nuances in actions like expense filing.

Most studio owners manage their back offices manually. "We’re focusing on an industry that has historically lagged in technological adoption,” she says.

“There's a lot of nuanced workflows that vertical software specifically can really help with, making sure these business owners flourish in our industry,” she adds.

By the numbers: The company has more than 40,000 businesses on its platform.

Its revenue has increased by triple-digit percentages year over year. Cohen-Shohet declined to disclose specific revenue figures.

GlossGenius says it has helped drive $2 billion of annualized transaction activity.

On average, businesses can earn 25% to 100% more revenue with its platform, GlossGenius says.

The company has raised $44 million to date.

What we’re watching: “Historically, during times of economic distress, there's even more entrepreneurship to come out of this,” Cohen-Shohet notes.

As small businesses proliferate and entrepreneurs leverage client relationships in creative ways, GlossGenius expects its own business to grow.

“There is a very big opportunity to think about how we can empower local service-based businesses with incredible technology solutions that larger companies have, and smaller ones should have too.”

GlossGenius gets $25m boost to expand, add more tools

While investment in beauty has slowed this year, VCs are still eyeing startups that embrace technology

Illustration of mechanical robot arms holding a makeup brush, lipstick, and a mascara wand.

Venture capital funding

GlossGenius, a back-office management platform, raised $25 million to usher small beauty and wellness businesses into the digital age.Why it matters: The beauty segment attracted about $2.94 billion from venture funds last year, per PitchBook.

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GlossGenius gets $25m boost to expand, add more tools

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