GLAMSQUAD has successfully raised $24 million over four funding rounds, with the latest round being a Series Private Equity in January 2023. The company offers on-demand beauty services, including blowouts, hair styling, makeup, manicures, and pedicures.
Keep reading to explore the intricacies of GLAMSQUAD's fundraising journey and the investors backing this innovative platform.
What Is GLAMSQUAD?
Founded in 2014 in New York City, GLAMSQUAD provides on-demand beauty services, including hair styling, makeup, and nail care. The company was co-founded by David Goldweitz, who serves as the Chief Strategy Officer.
GLAMSQUAD operates in multiple cities such as NYC, LA, Miami, DC, Boston, San Francisco, Dallas, Houston, and seasonally in the Hamptons. Their services are delivered directly to clients at their homes, offices, or hotel suites, ensuring convenience and professionalism.
With a team of 11-50 employees, GLAMSQUAD aims to offer a seamless beauty experience by bringing certified beauty professionals to the client's location. Their mission is to eliminate bad hair days, chipped nails, and makeup mishaps.
How Much Funding Has GLAMSQUAD Raised?
- Seed Funding Round
- Amount Raised: $2 million
- Motivation Behind the Round: Initial capital to launch the business and develop the platform.
- Series A Funding Round
- Amount Raised: $7 million
- Date: October 22, 2014
- Lead Investors: SoftBank Capital
- Motivation Behind the Round: Expansion nationwide, starting with Miami, growing the core team, and adding more beauty services.
- Series B Funding Round
- Amount Raised: $15 million
- Date: October 9, 2015
- Lead Investors: New Enterprise Associates (NEA)
- Motivation Behind the Round: To fuel expansions into new markets such as Washington D.C., Chicago, Dallas, and others, and to explore new business opportunities like selling branded products and increasing bridal services.
- Series Private Equity Round
- Date: January 13, 2023
- Lead Investors: Boathouse Capital
- Motivation Behind the Round: To accelerate growth nationwide by expanding marketing capabilities, enhancing channel partnerships, and exploring additional service offerings.
Total Amount Raised: $24 million
Current Valuation: $100 million (~estimated)
Key Investors
- Boathouse Capital
- Details: Boathouse Capital is a private investment firm that provides growth capital to high-potential middle-market companies. They focus on partnering with management teams to drive growth and operational improvements.
- Investment Focus Areas: Middle-market companies, growth capital, operational improvements.
- Notable Investments: Information not available.
- JMB Capital
- Details: JMB Capital is an investment firm that specializes in stabilizing and restructuring businesses to achieve profitability. They often take an active role in management to ensure successful turnarounds.
- Investment Focus Areas: Business stabilization, restructuring, profitability.
- Notable Investments: Information not available.
- New Enterprise Associates (NEA)
- Details: NEA is a global venture capital firm that invests in technology and healthcare companies. They have a long history of backing successful startups and helping them scale.
- Investment Focus Areas: Technology, healthcare, early-stage startups.
- Notable Investments: Uber, Coursera, Robinhood.
- SoftBank Capital
- Details: SoftBank Capital is a venture capital firm that invests in early-stage technology companies. They are known for their strategic investments in high-growth potential startups.
- Investment Focus Areas: Technology, media, telecommunications.
- Notable Investments: Alibaba, WeWork, Slack.
- Lerer Hippeau Ventures
- Details: Lerer Hippeau Ventures is a seed stage venture capital fund based in New York City. They focus on early-stage technology startups and have a strong presence in the startup ecosystem.
- Investment Focus Areas: Early-stage technology startups, seed stage investments.
- Notable Investments: BuzzFeed, Warby Parker, Casper.
What's Next for GLAMSQUAD?
GLAMSQUAD is poised for significant growth as it expands into new markets and enhances its service offerings. With the backing of Boathouse Capital, the company aims to strengthen its marketing capabilities and form new channel partnerships, positioning itself for nationwide expansion. The on-demand beauty industry is booming, driven by consumer demand for convenience and personalized experiences.
Future fundraising opportunities seem likely as GLAMSQUAD continues to scale. The company’s rapid growth and diversification into product sales and bridal services make it an attractive candidate for additional investment. However, challenges such as maintaining service quality and navigating competition from other on-demand beauty services could pose hurdles. Ensuring profitability while expanding will be crucial for sustained success.
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