GlossGenius, a ‘business-in-a-box’ platform catering to small businesses within the beauty and wellness industry, has recently announced a funding success.
The firm has secured $28m in a series C funding round, with the primary investment contributed by the Growth Fund of L Catterton, a well-regarded global consumer-focused investment firm. Additional participants in this round included Bessemer Venture Partners and Imaginary Ventures, further bolstering GlossGenius’ financial backing.
GlossGenius, with its innovative platform, is instrumental in empowering small business owners across the US to manage their operations seamlessly, construct a cohesive client experience, and foster the growth of their businesses. With billions of dollars transacted annually on the platform and a triple-digit business growth percentage over the last year, GlossGenius has established itself as one of the quickest growing companies in the industry.
The new funding is earmarked for the acceleration of GlossGenius’ platform development. The funds will primarily be used to enhance the existing suite of consumer experience, payment, and automation products, in line with its recent series of releases.
GlossGenius CEO and founder Danielle Cohen-Shohet commented on the new funding round. She said, “Large shifts in the beauty and wellness industry have provided a significant opportunity for vertical operating systems to create unprecedented value. This round will help us extend our leadership and continue to support these businesses.”
Ian Friedman, a partner in L Catterton’s Growth Fund, also added his thoughts on their investment, “We see a compelling opportunity to serve these businesses with better and more powerful tech. We are thrilled to leverage our expertise scaling consumer and technology businesses to support GlossGenius’ ambitious growth plans.”
This is the second time in the last 12 months that GlossGenius has seen an up-round in funding, bringing the total funding amount to an impressive $70m to date. The additional capital will not only aid GlossGenius’ ongoing innovation but also enable the company to offer more sophisticated products and services to the beauty and wellness industry.
To further highlight the company’s success, GlossGenius was recently recognised on the Forbes FinTech 50, Inc.’s Best Workplaces of 2023, and the SMBTech 50. CEO Cohen-Shohet was also honoured as a 2023 EY Entrepreneur of the Year.
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