Beauty and wellness marketplace platform Fresha has secured a $31 million venture debt facility from JP Morgan. This funding will accelerate the London headquartered firm’s “expansion into new markets and drive the growth of its machine learning capabilities and AI-powered robotics, further advancing its innovative all-in-one platform”.

The company’s platform aims to “empower beauty businesses, such as salons, barbershops, spas, and aesthetics clinics, to operate efficiently and independently”.

It offers subscription-free business software with embedded payment processing, as well as a consumer marketplace, and says it “helps businesses streamline their entire operations and connect with more customers, levelling the playing field for businesses of all sizes”.

Investors clearly see potential here and so far it has raised over $185 million in venture capital funding, including a $150 million Series C round in 2021 led by General Atlantic. 

As it approaches profitability, it said this new relationship with JP Morgan “will further fuel its ambitions to revolutionise the beauty and wellness space”.

The platform allows consumers to discover, book, and pay for beauty and wellness appointments with local businesses through its marketplace. But crucially, it says the ecosystem “offers merchants everything they need to run their businesses effectively, including appointment bookings, point-of-sale, customer records management, marketing automation, loyalty programmes, beauty product inventory, and team management”. 

The consumer marketplace leverages online bookings and automated marketing through mobile apps and advanced integrations with major tech platforms, including Instagram, Facebook, and Google, “unlocking significant revenue potential for partner businesses”. 

It has a network of over 110,000 merchants, with a strong presence in the US, UK, Canada, Australia, New Zealand, and Europe — 120 countries, in fact.

Alexandra Wyatt, UK Innovation Economy banking at JP Morgan, said: “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.”

Company founder and CEO William Zeqiri said: “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.”