MANGOMINT RAISES $35 MILLION SERIES B AND ENTERS MARKETING AUTOMATION TO DRIVE SALON AND SPA PROFITABILITY

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Sep 06, 2024, 22:31 ET

LOS ANGELES, Sept. 6, 2024 /PRNewswire/ -- Mangomint, the highest-rated salon and spa software provider, today announced a $35 million Series B funding round and a new suite of marketing automation features specifically designed for beauty and wellness businesses. Since its inception in 2017, Mangomint has focused on improving efficiency and leveraging automation to help independent salon and spa businesses cut costs, save time, and reduce friction in their day-to-day operations. Mangomint's entry into the marketing automation space represents a critical piece of the puzzle in the company's product vision, now enabling small businesses to drive measurable profitability.

Driving profitability: the holy grail for small businesses

Half of small businesses in the U.S. fail within the first five years (U.S. Bureau of Labor Statistics). In the salon and spa industry, it's no different. In fact, it's often worse. Businesses in this vertical are typically under pressure and defined as low profit. According to Gitnux.org, the salon industry has a net profit margin of around 8.4 percent. Coupled with high operating costs, profitability can feel impossible to attain for business owners.

"From rent and facility costs to product inventory, staff payroll, and marketing, operating costs in the salon and spa world are uniquely high," said Daniel Lang, Co-Founder and CEO at Mangomint. "Our customers already see cost savings by using Mangomint to run their businesses, but now we're helping them leverage intelligence and automation to drive profitability by helping them bring clients in and keep them coming back."

Building on its core revenue-driving features like Email Marketing, Memberships, and Packages, Mangomint has launched Automated Flows, which uses event and activity-based logic to trigger a sequence of automated steps including sending email or SMS marketing messages, client reminders, internal notifications, and more. The feature allows users to build communication and promotional flows tailored to their specific services and client activities in order to drive client retention and spending, all while ensuring a seamless experience.

Example use cases for Mangomint's Automated Flows:

Send pre-care instruction emails for waxing or laser services
Ask for review of a service provider 1 day after appointment
Send rebooking SMS reminder 6 weeks after appointment
Cross-promote microneedling services to repeat injectables clients spending over certain dollar amount
Encourage membership signups after specific service appointment

Investing in automation and intelligence for salons and spas

With over 10 million appointments booked on Mangomint's platform per year and an annual sales volume of over 1 billion dollars in the U.S. and Canada, the SaaS provider's momentum in the beauty and wellness vertical is building.

Mangomint plans to leverage new funding to hire engineering talent to expand on its product vision to drive profitability by building more automation-driven features. The company also plans to hire additional onboarding and support managers to maintain its track record of delivering a top-rated customer experience.

Mangomint's Series B funding round was led by Altos Ventures, a Silicon Valley-based firm with deep experience in fast-growing vertical software companies, with participation from Jason Lemkin's SaaStr Fund and existing investor OpenView Venture Partners. In addition to the equity round, Mangomint also secured $12 million in venture debt issued by Avidbank.

About Mangomint:

Mangomint is a next-generation SaaS platform designed to automate day-to-day operations, increase profit, and enhance client experiences for beauty and wellness businesses. Catering to salons and spas with 5 or more service providers, Mangomint offers a range of features including appointment booking, POS/payments, client and staff management, inventory and retail sales, two-way-texting, email marketing, and payroll processing.

SOURCE Mangomint