Funding Round attributes
Fresha, the London-based beauty and wellness marketplace platform, recently secured a $31 million venture debt facility from J.P. Morgan. This funding is aimed at accelerating the company's expansion into new markets and advancing its machine learning capabilities and AI-powered robotics. The company, which already boasts a network of over 110,000 merchants across 120 countries, including the United States, United Kingdom, Canada, Australia, New Zealand, and Europe, intends to use the funds to further develop its technology and strengthen its global presence.
Fresha offers a subscription-free business software platform that includes embedded payment processing and a consumer marketplace. This platform enables businesses like salons, barbershops, spas, and aesthetics clinics to manage appointments, customer records, marketing, loyalty programs, and inventory, all in one place. The company has facilitated transactions totaling over $35 billion, highlighting its significant impact on the beauty and wellness industry.
The venture debt facility is seen as a critical step in Fresha's growth strategy as it approaches profitability. William Zeqiri, Fresha's founder and CEO, emphasized the importance of AI in the company's future, stating that AI-powered robots could soon assist in tasks such as managing bookings, mixing colors, and handling inventory, allowing stylists to focus more on personalized services. This aligns with Fresha's broader vision of integrating AI into daily business operations to drive innovation and efficiency in the beauty sector.
J.P. Morgan, which has a strong focus on supporting high-growth companies, expressed confidence in Fresha's potential. Alexandra Wyatt, from the bank's UK Innovation Economy banking division, praised Fresha's innovative technology and its transformative impact on the beauty and wellness industry.
Overall, this funding marks a significant milestone for Fresha as it continues to expand its footprint globally and enhance its technological capabilities
