Cosmetic services haven’t been immune from disruptions in retail, but one startup is testing the waters on a particularly hair-raising idea for consumers on the go.
GLAMSQUAD, the New York City-based on-demand makeup and cosmetic delivery startup, announced Friday (Oct. 9) it had secured $15 million in Series B funding to continue connecting hair, makeup and nail stylists to consumers wherever they are. Founded in 2014, GLAMSQUAD plans to use the funding to expand in locations across the country.
“This financing is the result of continued, record-setting growth,” Alexandra Wilkis Wilson, co-founder of GLAMSQUAD, said in a statement. “Each week, we hit new appointment count and revenue records. We have quintupled our run-rate revenue from just one year ago and are looking ahead to expansion in Washington, D.C., Dallas, Chicago and many more cities.”
TechCrunch reported that GLAMSQUAD had already booked more than 75,000 appointments in under two years of operation in NYC, Los Angeles and Miami. The company takes a 40 percent cut of every transaction, excluding tip. GLAMSQUAD also guarantees at least a 20 percent gratuity to its contractors, which has led more than 300 freelance contractors to sign up for the service to date.
Outside of expansion plans, The Observer reported that GLAMSQUAD is planning on releasing its own line of branded products to capitalize on its growing market presence. Also on the docket is a permanent eCommerce presence to supplement its core on-demand feature. Wilson also commented that GLAMSQUAD would make a bigger push toward the bridal market with its existing services.
GLAMSQUAD and Wilson appear to be tapping into a market customers are hungry for, and more funding dollars won’t hurt their chances to penetrate this luxury market in waiting.
To check out what else is HOT in the world of payments, click here.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More