CEO said he envisions “AI-powered robots working alongside humans in the beauty space.”
London-based beauty and wellness marketplace platform for beauty and wellness has today secured a $31m venture debt facility from J.P. Morgan to boost its R&D and further expand.
The business said the funding will accelerate its expansion into new markets and drive the growth of its machine learning capabilities and AI-powered robotics to technologically advance its platform.
Fresha’s platform works with beauty businesses, such as salons, barbershops, spas, and aesthetics clinics, offering a subscription-free business software with embedded payment processing and a consumer marketplace.
To date, Fresha has raised over $185m in venture capital funding, including a $150m Series C round in 2021 led by General Atlantic.
The business said that as it approaches profitability, this new relationship with J.P. Morgan will further fuel its ambitions.
It already has a network of over 110,000 merchants in 120 countries, including the US, UK, Canada, Australia, New Zealand, and various European countries.
In 2023, it said its revenues grew by 67% year-over-year and it expects a similar level of performance in 2024.
AI-powered robots working alongside humans
Founder and CEO of Fresha William Zeqiri explained more about the company’s future plans: “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 personalised services.”
He continued “The next exciting frontier for Fresha is expanding our research and development in machine learning and integrating AI into daily business operations.”
“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.”
Meanwhile, Alexandra Wyatt from UK Innovation Economy banking at J.P. Morgan said the finance company was delighted to work with a company.
“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.”