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However, like other tech companies that have carved out a niche for themselves in providing tools specifically catering to and mastering the needs of a specific service-industry vertical - Toast being on strong example - Fresha's focus helped it identify the opportunity inherent in that challenge. That presented an obvious challenge to a company like Fresha, built around the premise of providing appointment booking and payments for in-person, very physical businesses. But on the other hand, COVID-19 led to a lot of municipalities shutting down salons to help curb the spread of the virus and in cases where they were open, they had to follow more restrictive protocols for the customers who did show up. People overall were going out a lot less, or not at all, and thus spending significantly more on products to treat themselves at home. For context, the company previously had not disclosed its valuation, but Zeqiri confirmed that it increased significantly in the extension due to the company's own growth in the last six months.īeauty and wellness had a mixed bag of luck as the pandemic took hold across the world.
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This latest funding is coming in the form of a Series C extension - Fresha raised the first $100 million in June of this year - and with it, the startup's valuation has shot up to over $640 million. Michael Lahyani and BECO Capital co-led the round, with previous backers General Atlantic, Partech, Target Global and FMZ Ventures also participating.