GLAMSQUAD Announces $7mm Series A Funding Led by SoftBank Capital
NEW YORK, Oct. 22, 2014 /PRNewswire/ -- GLAMSQUAD, the leading on-demand beauty services business, announced that SoftBank Capital, a venture firm affiliated with SoftBank Corp, has led a $7 million Series A financing round, with minority participation from Lerer Ventures, AOL's BBG Fund and Montage Ventures.
GLAMSQUAD, launched in New York City in January 2014 and currently expanding nationwide, brings highly-trained hair stylists and makeup artists directly to clients' homes, offices or other locations. Known for combining ultra-high quality and consistency with competitive prices and excellent customer service, GLAMSQUAD facilitates and improves beauty routines for busy women everywhere. GLAMSQUAD will add this funding to the $2 million in seed capital it had previously raised to build and develop the brand and its service offerings.
Alexandra Wilkis Wilson, CEO of GLAMSQUAD, commented, "This investment will enable us to further our true vision of being our clients' beauty obsession. The market response since launch has been overwhelming, and we intend to leverage the brand and consumer trust we are building into a suite of complementary services, products and partnerships nationwide that will fulfill our core mission of making getting ready a whole lot easier."
Since its founding in 2013, GLAMSQUAD has developed a proprietary technology and logistics platform that enables dynamic, on-demand or in-advance booking. The company has recruited and trained an ever-growing corps of independent stylists, completed over ten thousand service offerings and events, and most recently launched in Los Angeles, its first market outside of New York City. GLAMSQUAD will use the new capital to accelerate its growth into more cities (beginning in Miami during Art Basel this December), to expand its menu of services, to enhance its technology and user experience, and to increase its hiring in core positions.
Jason Perri, the Company's Chairman noted, "GLAMSQUAD is thrilled to be partnering with SoftBank Capital, one of the premier early-stage investors in consumer technology, and a unit of one of the largest and most important technology and telecom companies in the world. We intend to leverage not only SoftBank Capital's expertise in scaling highly-branded consumer businesses, but also SoftBank Corp's massive global presence in mobile and e-commerce, to continue to build a truly disruptive beauty business that uses technology to offer a great value proposition to clients and service providers alike."
Marissa Campise, a partner at SoftBank Capital, added, "GLAMSQUAD has created a trusted brand at the intersection of three important categories – beauty, affordable luxury and on-demand services. We are so excited to have the opportunity to invest in a world-class team operating in a universal and recession-resistant industry. While the Company currently focuses on affordable beauty services through an easy-to-use app, the team has a clear strategic vision on how to use their platform to continue to make their clients' lives easier by offering them great products, lifestyle content and new verticals."
About GLAMSQUAD
Making getting ready a whole lot easier, GLAMSQUAD is an app-based beauty provider delivering professional and affordable beauty services to the home or office. The team of experienced hair stylists and make-up artists are hand-picked and expertly trained undergoing extensive proprietary training and character-assessment techniques to guarantee consistent, high quality results and a positive stylist experience with every appointment. With personalized, one-on-one consultations and a signature range of inspirational looks, GLAMSQUAD offers clients the full celebrity-experience, helping them look and feel their best. Currently operating in New York and Los Angeles, the company plans to debut in other cities soon.
The GLAMSQUAD app is available for free download. Prices range from $50 for hair services and $75 for makeup applications. For more information visit www.GLAMSQUAD.com.
About SoftBank Capital
SoftBank Capital makes early and growth stage investments in companies that connect people, devices and the world. SoftBank Capital has been investing in category leaders in consumer and enterprise mobile, online advertising, ecommerce, social media and cloud computing since 1995. Its portfolio of current and past investments includes Yahoo!, Etrade, Buddy Media, BuzzFeed, Criteo, Fitbit, Huffington Post and xAd. To learn more, visit www.softbank.com.
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SOURCE GLAMSQUAD
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