General Atlantic Leads $100 Million Investment in Fresha, Leading Global Beauty and Wellness Platform, to Fuel Continued Growth
Fresha, a top beauty and wellness software platform, announced today a $100 million Series C investment led by General Atlantic, a leading global growth equity firm, with strategic participation from Huda Kattan of HB Investments and the founder of Huda Beauty, as well as Michael Zeisser of FMZ Ventures, former Chairman Investments at Alibaba Group, and Jonathan Green of Lugard Road Capital. Fresha's existing global investors Partech, Target (News - Alert) Global and FJ Labs also participated in the round, bringing the company's total fundraising to $132 million to date. Fresha will leverage the new funds to further broaden its global community of partner salons and spas, scale product development, deepen its marketplace bookings and pursue strategic M&A.
Fresha allows consumers to discover, book and pay for beauty and wellness appointments with local businesses via its marketplace, while salons, spas and barbershops can leverage Fresha to manage their operations with its intuitive, subscription-free business software. The Fresha platform removes the critical pain points that service-based businesses often encounter by seamlessly facilitating the acceptance of online appointment bookings, processing of card payments and management of customer records, along with automations for marketing, staffing, product inventory and accounting, all in one place. In addition to its free offering, Fresha Plus provides partners with additional advanced features; rather than a traditional subscription model, the company collects fees on the usage of features for card payment processing and online bookings.
Fresha has amassed an extensive base of approximately 50,000 partner venues primarily spanning the United States, United Kingdom, Canada, Australia, New Zealand and Europe. In April 2021 alone, the company added over 4,000 new venues. The Fresha platform is used in 120 countries globally, and each month, customers book tens of millions of appointments on the platform, processing nearly $12 billion in value to date. Fresha's focus on building easy-to-use, free software and offering business tools without any subscription fees, underpinned by a strong word-of-mouth effect, has helped the company build a loyal following and customer base. Fresha's partner businesses rely on the platform for its ease of use, time-saving benefits and embedded features to grow sales, while end consumers enjoy a premium booking and payment experience.
"From the day we founded Fresha, our core focus has been on offering a solution that delights our customers. That drive has continued to direct our feature development and long-term vision. The rapid growth we're seeing comes down to having happy customers that love using Fresha," said Fresha Founder and CEO William Zeqiri. "The COVID-19 pandemic has accelerated the transition across the globe to online bookings and integrated card payments, now seen as essential to run any modern salon or spa. In May 2021, Fresha saw a thirty-fold increase in the volume of card payments processed on the patform compared to a year earlier."
"Legacy software offerings for beauty and wellness businesses are often expensive to purchase and difficult to use. Salons face obstacles with inefficient scheduling, resulting in low occupancy and lost sales," said Nick Miller, Fresha Co-Founder and Chief of Product. "More than ever, beauty and wellness businesses are opting to grow sales by leveraging tools to facilitate online payments, self-service bookings and automated marketing initiatives. Fresha's technology optimizes appointment bookings with real-time online availability and boosts local discovery, helping partner salons grow sales," he said.
"Fresha has emerged as a leader powering the beauty and wellness industry," said Aaron Goldman, Global Co-Head of Financial Services and Managing Director at General Atlantic. "William, Nick and the Fresha team have built a product that is resonating with the market and creating long-term value through the intersection of its payments, software and marketplace offerings. We are thrilled to be partnering with the company and believe Fresha has significant opportunity to further scale its innovative platform."
Huda Kattan shared her excitement at investing in the company: "I've witnessed first-hand the positive impact Fresha has for beauty entrepreneurs. The company is a force for good in the growing community of beauty professionals around the globe, who are increasingly adopting a self-employed approach. By making top business software accessible without any subscription fees, Fresha lets professionals focus on what they do best - offering great experiences for their customers."
"We believe Fresha outpaces the competition by combining a superior product-market fit with outstanding execution capabilities," said Philippe Collombel, General Partner at Partech. "William and Nick superbly steered Fresha during the COVID-19 pandemic. They have continued to innovate, accelerate signups of new salons, and boost revenues, whilst supporting new venues and small businesses in navigating the crisis. We can't wait to see Fresha's continued growth after this new funding round and are thrilled to partner once again with General Atlantic," he said.
Previously, Fresha raised Series B investment from Paris-based Partech, along with Series A and Seed investments from Dubai-based MEVP. Launched in 2015 and with headquarters in London, the company is backed by investors from New York City, Silicon Valley and Europe.
Fresha is a leading global beauty and wellness platform. Each month, tens of millions of appointments are discovered, booked and paid with partner salons, spas and barbershops on Fresha. 50,000 partner venues in over 120 countries use the platform to manage their operations with Fresha's intuitive, full-spectrum, subscription-free business software. Fresha transforms beauty and wellness business operations by enabling the acceptance of online appointment bookings, processing of card payments and managing customer records, along with automations for marketing, staffing, product inventory and accounting, all in one place. Launched in 2015 originally under the name Shedul, the company rebranded to Fresha in 2020. For more information, visit www.fresha.com, download Fresha on the App Store and Google Play or follow Fresha on Facebook and Instagram.
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto (News - Alert), São Paulo, Shanghai, and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.
About Huda Kattan
Huda Kattan is chairwoman HB Investments (HBI), the private investment office of the founders of Huda Beauty: Huda (Chairwoman), Mona (President), Alya Kattan, Christopher Goncalo and is led by CEO Karan Wats. HBI invests in visionary entrepreneurs that share a common desire to build world-class consumer brands while creating meaningful impact; paring entrepreneurs with a brand building, marketing, PR and distribution ecosystem to help them unleash their magic. Going beyond traditional investment partnerships, HBI also runs a comprehensive incubator program called HB Angels, which provides seed funding and a brand-building ecosystem to a carefully selected group of in-house entrepreneurs. With a robust team of top marketing, PR, operations and supply chain talent, HBI is co-creating businesses that can change the world for the better.
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