Fresha secures $31m investment to bring on AI-powered robotics

The beauty and wellness marketplace Fresha has secured a £23.6 million ($31 million) investment from J.P. Morgan to expand into new markets and to grow machine learning capabilities as well as AI-powered robotics.

Fresha’s platform allows consumers to discover, book, and pay for beauty and wellness appointments with local businesses such as salons, spas and aesthetics clinics through its marketplace. Beauty and wellness professionals use the all-in-one platform to manage their operations seamlessly from appointment bookings to customer records management.

To date, Fresha has raised over £141 million ($185 million) in venture capital funding, including a £114 million ($150 million) Series C round in 2021 led by General Atlantic. As Fresha approaches profitability, this new relationship with J.P. Morgan will further fuel its "ambitions to revolutionise the beauty and wellness space".

Alexandra Wyatt, U.K. Innovation Economy banking at J.P. Morgan. "We're delighted to support Fresha on their continued growth journey. 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.”

William Zeqiri, Founder and CEO of Fresha, added: "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."

Fresha currently boasts a network of over 110,000 merchants, with a particularly 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. The company has facilitated transactions worth over £26 billion ($35 billion) in gross merchandise volume, showcasing its significant impact on the global beauty and wellness industry. In 2023, the company grew revenues by 67% year-over-year, with a similar level of performance expected in 2024.