Fresha, a marketplace platform for beauty and wellness, has secured a £24 million venture debt facility from JP Morgan.
Fresha’s platform empowers salons, barbershops, spas and aesthetics clinics to operate efficiently and independently. The subscription-free business software includes appointment bookings, point-of-sale, customer records management, marketing automation, loyalty programs, beauty product inventory and team management.
Consumers can use its marketplace to discover, book and pay for beauty and wellness appointments with local businesses. This automates marketing through mobile apps and advanced integrations with major tech platforms, including Instagram, Facebook, and Google, unlocking significant revenue potential for partner businesses.
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 raised over $185m in venture capital funding. The fresh raise will accelerate its expansion into new markets and drive the growth of its machine learning capabilities and AI-powered robotics.
In 2023, the company grew revenues by 67% year-over-year, with a similar level of performance expected in 2024.
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“We’re delighted to support Fresha on their continued growth journey,” said Alexandra Wyatt, UK innovation economy banking at JP 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.”
JP 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.
“We are thrilled to be working with JP Morgan,” said William Zeqiri, founder and CEO of Fresha. “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 personalising their services and honing their craft.”