The beauty industry has recently seen an explosion of bids. Customers can now have access to treatments well beyond the basic hair and nail care, from Botox and wrinkle fillers and laser permanent hair removal fillers through GLP-1.
The driving of this industry development wave is Boulevard, a programming and payment software provider for the self-care sector.
The 9 -year -old has just set $ 80 million in funding the D series, estimating the business at nearly $ 800 million, a significant increase in the $ 595 million valuation it raised three years ago. The round was driven by JMI Equity’s share company and included the participation of existing companies Index Index and VMG Partners.
When Boulevard started in 2016, the company’s co -founders, Matt Danna and Sean Stavropoulos, wanted to solve what seemed like a simple problem: allowing people to book hairstyling online.
The twin failed to understand why the lounges still made customers call to make an appointment. What they discovered was that the lounges were deliberately resistant to the internet: they were trying to optimize the stylist time.
Thus, Boulevard created a booking system based on mechanical learning that examines various restrictions, such as the unique customer service needs and a history of precision.
The company initially sold the accuracy software to hairdressers, extends to a barber shop, thermal baths and nails.
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Boulevard’s revenue has increased over 500% in the last three years, partly driving from a budding new customer section: Medspas. These businesses, which are a hybrid between traditional clinics and medical clinics, provide non-surgical, minimally invasive procedures ranging from micro-strokes and botox to prescription GLP-1 drugs such as OZEMPIC for weight loss.
Danna, who serves as Boulevard’s chief executive, said she was surprised that the Medspa owners are interested in using the company’s software instead of electronic medical records (EMRS). He discovered that EMRs are better customized for charges who charge insurance, while Medspas mainly runs on a cash model.
Adapting Boulevard’s software to serve Medspas was quite simple, Danna said. The company became compatible with Hipaa and integrated Medspa features, including optical charts for accurate Botox and filling mapping.
Three years after the introduction of these features, Boulevard estimates that it feeds about 15% of all Medspas in the US
“I am really impressed by how beauty and medical services blur,” Danna said. “We have pieces offering Medspa services.”
Over the years, Boulevard has expanded its offers to include an electronic payment system, a business offer that the company unexpectedly stumbled. “We ended up learning that if you make it easy to book the internet, it is easy not to appear for an appointment,” Danna said. “So, we started recording credit cards to make an appointment and we solved the problem of non -appearance.”
Although the avenue initially did not intend to charge these credit cards, customers asked the company to use the data for transactions. Avenue now estimates that it will process about $ 5 billion in payments this year.
Of course, the Avenue has plenty of competition, including Zenoti, which was last valued at $ 1 billion in 2020, Freshha, Booksy and many others.
