Facial bars appear to be ripe for investment.
Not long after Heyday announced its Series B extension, Glowbar, known for its 30-minute, $65 facial, has received a $10 million Series A funding.
The round was led by Peterson Partners, a Salt Lake City-based firm whose investments have included Allbirds, Solidcore, Bonobos, Rails Clothing and Madison Reed.
Glowbar was founded in 2019 by Rachel Liverman, a third-generation aesthetician, with services including dermaplaning, chemical peels, extractions and LED.
The company began with a TriBeCa studio, but now has expanded its New York City footprint to the Upper East Side, Union Square and Williamsburg. It also added locations in Roslyn, New York, and Westport, Connecticut.
With the investment, Glowbar is expected to double its studio count by the end of 2023. In addition to growing its tri-state area footprint, the company plans to open additional markets along the Eastern seaboard, such as Boston.
The capital will also be used to expand headcount across the organization, including senior leadership, and to further invest in training for Glowbar’s aestheticians.
Liverman said: “We have built a strong foundation and want to continue to offer the best facials out there. So much of this raise is timed to prioritizing our forever first client — our team — and with new markets on the horizon, it felt like the natural moment to scale and further our mission to deliver digestible, results-driven skin care to the masses.”
Brett Stohlton, partner at Peterson Partners, added: “Consumers are increasingly prioritizing beauty and skin care and they love the Glowbar experience. We see a big opportunity to build on our New York success in other markets across the country.”
The raise also comes on the heels of building out the company’s board of advisers with the appointments of Drybar cofounder Alli Webb and Bluemercury cofounder Marla Beck, both signed on in key advisory roles for the company’s next phase of growth.
“Glowbar has found a white space in the very saturated beauty world meeting an unfulfilled need for a quick, but extremely effective facial,” said Webb. “With Rachel’s long history and love of skin care coupled with Glowbar’s results-driven approach, this brand is ripe for massive expansion and growth.”
Investor interest has been heating up in the beauty services sector. Last year Millennial med spa Ever/Body, which offers laser facials, Botox, HydraFacial, fillers and laser hair removal, raised a $38 million Series B from a mix of investors including Tiger Global Management, Addition and Fifth Wall and later a $55.5 million Series C funding.
This year, Upkeep, an app that allows users to find, book and pay for med spa treatments, secured $2 million in seed funding and most recently, private equity firm KKR took a “notable” minority stake in SkinSpirit, the largest provider of Botox and filler in the country.
In addition, Heyday has raised a $12 million Series B extension. The raise was led by existing investor Level 5 Capital Partners (L5) nearly two years after Heyday’s initial $20 million Series B.