Fresha, a leading marketplace platform for beauty and wellness services, has secured a $31 million venture debt facility from J.P. Morgan. The company plans to use the funds to expand into new markets and advance its machine learning and AI-powered robotics capabilities, further enhancing its all-in-one platform for beauty businesses.
The London-based startup has now raised over $185 million in total funding, including a $150 million Series C round in 2021 led by General Atlantic. This latest financing comes as Fresha approaches profitability and seeks to solidify its position in the competitive beauty and wellness technology space.
Fresha’s platform offers a subscription-free business software solution with integrated payment processing and a consumer marketplace. The company serves over 110,000 merchants across 120 countries, facilitating tens of millions of appointments monthly. To date, Fresha has processed transactions totaling more than $35 billion in gross merchandise volume.
“We are thrilled to be working with J.P. Morgan,” said William Zeqiri, Founder and CEO of Fresha. He emphasized the company’s focus on leveraging data and technology to provide personalized services, stating, “The next exciting frontier for Fresha is expanding our research and development in machine learning and integrating AI into daily business operations.”
Zeqiri also outlined a bold vision for the future, suggesting that “AI-powered robots working alongside humans in the beauty and wellness space” could handle tasks such as managing bookings, mixing colors, and managing inventory.
Alexandra Wyatt of J.P. Morgan’s U.K. Innovation Economy banking team commented on the investment, saying, “Fresha is steering the rapidly expanding beauty and wellness space with its innovative technology and strong unit economics.”
The company reported 67% year-over-year revenue growth in 2023 and expects similar performance in 2024. As Fresha continues to expand its reach and capabilities, this latest funding round positions the company to potentially reshape the technology landscape in the beauty and wellness industry.
