FRESHA SECURES $31 MILLION IN FINANCING FROM J.P. MORGAN TO INVEST IN MACHINE LEARNING AND AI POWERED ROBOTICS
LONDON, Aug. 21, 2024 /CNW/ -- Fresha, the leading marketplace platform for beauty and wellness, today announced it has secured a $31 million venture debt facility from J.P. Morgan. This funding will accelerate Fresha's 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's platform empowers beauty businesses, such as salons, barbershops, spas, and aesthetics clinics, to operate efficiently and independently. By offering a subscription-free business software with embedded payment processing and a consumer marketplace, Fresha helps businesses streamline their entire operations and connect with more customers, levelling the playing field for businesses of all sizes.
To date, Fresha has raised over $185 million in venture capital funding, including a $150 million Series C round in 2021 led by General Atlantic. As Fresha approaches profitability, this new relationship with J.P. Morgan will further fuel its ambitions to revolutionise the beauty and wellness space.
Fresha's platform allows consumers to discover, book, and pay for beauty and wellness appointments with local businesses through its marketplace. Beauty and wellness professionals' benefit from an all-in-one platform that includes free business software and financial technology solutions to manage their operations seamlessly. This approach aligns with Fresha's vision of fostering innovation and accessibility across the industry, enabling every business to thrive in a competitive landscape.
The Fresha 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 leverages online bookings and automated marketing through mobile apps and advanced integrations with major tech platforms, including Instagram, Facebook, and Google, unlocking significant revenue potential for partner businesses. By removing barriers to advanced technology, Fresha ensures that all beauty professionals can enhance their services and expand their reach.
Fresha boasts a network of over 110,000 merchants, with a strong presence in the United States, United Kingdom, Canada, Australia, New Zealand, and Europe. The platform's reach extends across 120 countries, where customers book tens of millions of appointments monthly. To date, Fresha has facilitated transactions worth over $35 billion in gross merchandise volume, showcasing its significant impact on the global beauty and wellness industry. In 2023, the company grew revenues by 67% year-over-year, with a similar level of performance expected in 2024.
"We're delighted to support Fresha on their continued growth journey," said Alexandra Wyatt, U.K. Innovation Economy banking at J.P. Morgan. "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."
J.P. Morgan serves venture-backed and high-growth companies, founders and venture capital firms across the globe in industries like technology, fintech, disruptive commerce and internet, life sciences, climate tech and healthtech. The firm provides deep industry expertise, local support, global products and services and a robust network of investors and partners to meet clients' commercial, investment and private banking needs.
"We are thrilled to be working with J.P. Morgan," said William Zeqiri, Founder and CEO of Fresha. "The beauty and wellness industry is a dynamic world, buzzing with creativity, innovation, and an endless quest for service enhancement. Today, there is so much potential to be unlocked. Beauty service providers need a 360-degree view of each client, including booking behaviour, preferences, payment methods, and lifetime value. Extracting insights from every transaction has become a key competitive advantage, allowing our users to offer highly tailored and personalized services."
Zeqiri continued, "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 personalizing their services and honing their craft."
About Fresha
Fresha is the world's #1 beauty and wellness marketplace powered by all-in-one free business software with integrated payments. With over 100,000 partner venues in more than 120 countries, Fresha simplifies business operations and enhances customer experiences. To learn more, visit fresha.com, download Fresha on the App Store and Google Play, or follow Fresha on Facebook and Instagram.
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SOURCE Fresha
Media Contact: James Bridgman, [email protected] +447884699504
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