Focus on ML and AI powered robotics as beauty and wellness marketplace Fresha bags $31 million in financing from J.P. Morgan

Fresha, a marketplace platform for beauty and wellness, has secured a $31 million venture debt facility from J.P. Morgan.

The funding will accelerate its expansion into new markets and drive the growth of its machine learning capabilities and AI-powered robotics.

By offering a subscription free business software with embedded payment processing and a consumer marketplace, Fresha helps beauty businesses, such as salons, barbershops, spas, and aesthetics clinics, to streamline their entire operations and connect with more customers.

To date, it has raised over $185 million in venture capital funding, including a $150 million Series C round in 2021 led by General Atlantic.

Fresha lays claim to 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 facilitated transactions worth over $35 billion in gross merchandise volume.

In 2023, the company grew revenues by 67% year-over-year, with a similar level of performance expected in 2024. It says that it is approaching profitability, although it did not provide further details in a press release issued today.

“We're delighted to support Fresha on their continued growth journey,” says Alexandra Wyatt, UK Innovation Economy banking at J.P. 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.”

“We are thrilled to be working with J.P. Morgan,” says William Zeqiri, Founder and CEO at Fresha.

“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 personalised services."

Zeqiri adds: "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.”

2024 RTIH INNOVATION AWARDS

Machine learning and AI technologies are a key focus area for the sixth edition of the RTIH Innovation Awards, which is now open for entries.

The awards, sponsored by CADS, 3D Cloud, Retail Technology Show 2025, and Business France, celebrate global tech innovation in a fast moving omnichannel world.

It’s free to enter and you can do so across multiple categories.

Key 2024 dates

Friday, 25th October: Award entry deadline 

Tuesday, 29th October: 2024 shortlist revealed

30th October-6th November: Judging days

Thursday, 21st November: Winners announced at the 2024 RTIH Innovation Awards ceremony, to be held at RIBA’s 66 Portland Place HQ in Central London.