Beauty software company Fresha, best known for its appointment-booking software for salons and spas, has secured a $31 million venture debt facility from J.P. Morgan to invest in the development of new technologies, including AI robots.
Fresha has raised more than $185 million in venture capital funding in total. In addition to appointment booking, Fresha’s software offers customer records management, marketing automation, loyalty programs, beauty product inventory and team management tools for businesses. With its new funding, it is exploring the possibilities of research and development of machine learning as well as AI robots to perform tasks at salons normally done by humans.
“The next exciting frontier for Fresha is expanding our research and development in machine learning and integrating AI into daily business operations,” said William Zeqiri, founder and CEO of Fresha in a statement announcing the financing. He added that Fresha believes the robots will be able to “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.”
The company previously secured a $150 Series C round led by General Atlantic in 2021. This new funding will also be used for market expansion; it is currently used in 120 countries with its strongest presence in the United States, Canada and Europe. Not yet profitable, Fresha’s revenue grew by 67 percent in 2023, and it is projecting a similar amount in 2024.
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