Beauty and wellness marketplace platform Fresha has secured a $31 million venture debt facility from JP Morgan. This funding will accelerate the expansion of the firm, and drive the growth of its machine-learning capabilities and AI-powered robotics.
The London company’s platform aims to empower beauty businesses, such as salons, barbershops, spas and aesthetics clinics, to operate efficiently and independently.
The goal is to accelerate the expansion into new markets and drive the growth of its machine-learning capabilities and AI-powered robotics, further advancing its innovative all-in-one platform.
Fresha Platform offers subscription-free business software with embedded payment processing and a consumer marketplace that can help businesses streamline their operations and connect with more customers, levelling the playing field for businesses of all sizes.
Investors see potential in this sector: so far Fresha has raised over $185 million in venture capital funding, including a $150 million Series C round in 2021 led by General Atlantic.
The new relationship with JP Morgan will further fuel its ambitions to revolutionise the beauty and wellness space and increase profitability.
The platform allows consumers to discover, book, and pay for beauty and wellness appointments with local businesses through its marketplace. But crucially, it says the ecosystem “offers merchants everything they need to run their businesses effectively, including appointment bookings, point-of-sale, customer records management, marketing automation, loyalty programs, beauty product inventory, and team management”.
The consumer marketplace uses online bookings and marketing through mobile apps and advanced integrations with major tech platforms, including Instagram, Facebook, and Google.
It has already put together a network of over 110,000 merchants in 120 countries, with a strong presence in the US, UK, Canada, Australia, New Zealand, and Europe.
Alexandra Wyatt, UK Innovation Economy Banking at JP Morgan, said: “Fresha is steering the rapidly expanding beauty and wellness space with its innovative technology and strong unit economics. Their unique business model is transforming the industry landscape, and it’s precisely the type of innovation we want to help drive globally.”
Company founder and CEO William Zeqiri added: “The next exciting frontier for Fresha is expanding our research and development in machine learning and integrating AI into daily business operations. By embracing cutting-edge technology, we are not just enhancing our services; we are creating opportunities and redefining what’s possible. Our vision is a world where innovation and creativity flourish together, driving progress and enabling everyone to reach their full potential. In the not-so-distant future, we envision AI-powered robots working alongside humans in the beauty and wellness space. Robots can handle repetitive tasks, such as managing bookings, mixing colours, welcoming customers, or managing inventory, freeing up valuable time for stylists to focus on personalising their services and honing their craft.”
