202227 Sep

GlossGenius notches $25M for salon tech infrastructure.


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. 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.What theyre saying: When I think about the kind of more general purpose-built platforms, theyre 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. The company has raised $44 million to date.What were watching: Historically, during times of economic distress, theres even more entrepreneurship to come out of this, Cohen-Shohet notes. 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.

Source: Axios