On August 21, 2024, Fresha, a leading beauty and wellness industry marketplace, announced that it had secured a $31 million venture debt facility from J.P. Morgan. To date, Fresha has raised over $185 million in venture capital, including a successful $150 million Series C round in 2021 led by General Atlantic. This new partnership with J.P. Morgan will further accelerate Fresha’s efforts in machine learning and AI robotics development, advancing the company’s mission to revolutionize the beauty and wellness sector.
Fresha offers a marketplace that allows local beauty and wellness businesses to easily manage bookings and payments. The platform is equipped with free business software and financial technology solutions to streamline operations, ensuring that businesses of all sizes can compete on a level playing field.
Moreover, as an all-in-one platform, Fresha supports its partners in maximizing revenue by providing essential business management tools such as appointment scheduling, point-of-sale systems, customer management, and marketing automation. Fresha’s ecosystem is deeply integrated with key technology platforms like mobile apps, Instagram, Facebook, and Google, expanding access to advanced technology and enabling beauty professionals to enhance their services and extend their reach.
Alexandra Wyatt, who leads UK Innovation Economy banking at J.P. Morgan, commented, “We are thrilled to support Fresha in its continued growth. Fresha is leading the rapid expansion of the beauty and wellness sector with its innovative technology and strong unit economics. Their unique business model is transforming the industry, making it exactly the kind of innovation we seek to drive globally.”
William Zeqiri, Founder and CEO of Fresha, expressed his enthusiasm about the collaboration with J.P. Morgan, stating, “The beauty and wellness industry is a dynamic world, buzzing with creativity, innovation, and an endless quest for service enhancement. Today, there is so much potential to be unlocked. 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 personalized services.”
Zeqiri added, “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 personalizing their services and honing their craft.”
Currently, Fresha’s platform is used by over 110,000 partner venues across more than 120 countries, including the United States, United Kingdom, Canada, Australia, New Zealand, and Europe. The company has processed over $35 billion in transactions to date, and in 2023, it achieved a 67% year-over-year revenue growth, with similar growth expected in 2024.