Fresha looks to the future with AI robots thanks to US$31M from JP Morgan
22 Aug 2024 --- Beauty appointment booking platform Fresha secures a US$31 million venture debt facility from JP Morgan to accelerate the beauty and wellness marketplace’s expansion into AI-powered robotics.
The company is eyeing new markets to drive the growth of its machine-learning capabilities and further advance its all-in-one platform.
“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,” says William Zeqiri, founder and CEO at Fresha.
“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 bookings, mixing colors, welcoming customers or managing inventory, freeing up valuable time for stylists to focus on personalizing their services and honing their craft.”
Independent businesses
Fresha’s platform allows beauty businesses, such as salons, barbershops, spas and aesthetics clinics, to operate independently by offering subscription-free business software with embedded payment processing and a consumer marketplace. Businesses can use free software and financial technology solutions to manage their operations.
Meanwhile, consumers can discover, book and pay for beauty and wellness appointments with local businesses. The consumer marketplace leverages online bookings and automated marketing through mobile apps and advanced integrations with major tech platforms, including Instagram, Facebook and Google.
“We’re delighted to support Fresha on their continued growth journey,” says Alexandra Wyatt of 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.”
Unlocked potential
Fresha has raised over US$185 million in venture capital funding, including a US$150 million Series C round in 2021 led by General Atlantic.
“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 behavior, preferences, payment methods and lifetime value,” explains Zeqiri.
“Extracting insights from every transaction has become a key competitive advantage, allowing our users to offer highly tailored and personalized services.”
Fresha says it is “removing barriers to advanced technology” to ensure all beauty professionals can enhance their services and expand their reach.
The marketplace boasts a network of over 110,000 merchants, with a “strong” presence in the US, UK, Canada, Australia, New Zealand and Europe. The platform’s reach extends across 120 countries, where customers book tens of millions of appointments monthly. Fresha has facilitated transactions worth over US$35 billion in gross merchandise volume.
By Sabine Waldeck
