StyleSeat Raises $10.2 Million in Series A Financing Led by Lightspeed Ventures
SAN FRANCISCO, January 22, 2014-- StyleSeat, the fastest growing online marketplace for beauty and wellness services, today announced it has raised $10.2 million in Series A financing, bringing total funding raised to date to $14 million. The Series A was led by Lightspeed Ventures with participation from other contributors including existing investor Lowercase Capital. StyleSeat will use the capital to help fund its growth, and create new experiences for clients to discover and book appointments.
StyleSeat was founded in 2011 when CEO and co-founder Melody McCloskey wanted a better way to book beauty appointments on-the-go. The online and mobile platform serves both sides of the marketplace. StyleSeat gives beauty professionals free tools to run, manage and grow their business. It gives clients a place to discover and book appointments online or from their phones with professionals in their area, whether it's a same-day blowout, a haircut next month or a manicure tomorrow.
The company has grown rapidly with more than $350 million in services booked on the platform since inception. More than 2 million clients use StyleSeat to book beauty appointments and more than 200,000 beauty professionals use the platform to manage their business. On average, beauty professionals using StyleSeat are able to grow their revenues 68% in their first 15 months on the platform. The combination of simple online booking, a professional web presence and marketing tools has been transformative for small business owners.
"Historically, we have been primarily focused on developing powerful business tools for beauty professionals, and in doing so we have built an amazing directory of professionals in almost 15,000 cities across the U.S.," said Melody McCloskey, co-founder and CEO of StyleSeat. "As we begin to focus on our clients in addition to professionals, we're well positioned to drive significant growth across our platform in 2014."
Last month, StyleSeat launched a new app for iOS and Android that allows anyone to book beauty appointments right from their phone, for free. Since the launch of the new app, client bookings on mobile devices are up more than 16%. Mobile is an important part of the company's long-term growth strategy as 68% of its usage currently comes from mobile devices.
"StyleSeat has quickly become a highly valued brand by both stylists and consumers since its launch in 2011," said Justin Caldbeck, partner at Lightspeed Venture Partners. "The team has clearly demonstrated their ability to grow rapidly, organically through word of mouth and I look forward to partnering with them as they enter this next phase of growth."
StyleSeat plans to nearly double the size of its team this year to 35 employees. Andrew Dempsey, formerly the Director of Business Intelligence at Netflix, recently joined the StyleSeat team as a Senior Data Analyst. Yulie Kim, the former Vice President of Product at One Kings Lane, recently joined StyleSeat as VP, Product.
StyleSeat is the largest and fastest growing online marketplace for beauty and wellness services. The online and mobile platform gives beauty professionals free tools to help them run, manage and grow their business. StyleSeat gives clients a place to search, discover and book appointments with professionals in their area. www.styleseat.com
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