Salonkee raises €28m to fuel growth, solidify position as Europe’s provider of salon management software

Salonkee raises €28m to fuel growth, solidify position as Europe’s provider of salon management software

Published: 12-07-2023 11:04:00 | By: Pie Kamau | hits: 3640 | Tags:

Salonkee, Europe's premier salon management solution and booking platform for the hair - and beauty industry, announced it has raised €28 million in growth capital to further extend market penetration across Europe, continue to invest in innovation, and expand its global team to capitalize on the immense demand for its solution. Fortino Capital, Newion, Expon Capital and LBAN doubled down in the Series B round led by PeakSpan Capital, a growth-stage B2B software-focused investment firm with offices in New York, Silicon Valley and over $1.5 billion under management.

Matt Melymuka, Co-founder and Managing Partner, PeakSpan Capital: ''The Salonkee team identified a massive market opportunity in Europe early on, characterized by a highly-fragmented landscape of competitors with no clear market leader and a suite of outdated or simplistic solutions. The team has demonstrated an incredibly impressive track record of rapid, capital efficient growth and has been surgical in deploying a well-defined scaling playbook to methodically expand to new European markets and quickly establish market leadership and penetration. The go-to-market engine the team has built is one of the more well-oiled machines we’ve seen, and has driven tremendous growth with remarkable predictability and consistency. We’re privileged to partner with Salonkee to capitalize on the opportunity to further extend its leadership position in the highly strategic European market.''

The salon management software market in the United States has experienced rapid growth over the last decade, fueled by a dramatic increase in new startup activity and supported by billions of dollars of investment from venture capital and private equity firms. The European salon market, however, has among others, due to the higher complexity of multiples countries, languages, cultures, and legislations, lagged the US in terms of penetration of software solutions. Today, the market is however quickly catching up and Salonkee has been architected since inception to capitalize on the expansive international opportunity in the European market, and has quickly established leadership positions with significant market penetration across multiple regions, enabled by a large and growing international team.

Tom Michels, Co-founder and CEO, Salonkee: ''The majority of salons across Europe today are still being managed either without the use of technology or they have only implemented a standard point-of-sale solution with a basic booking or scheduling platform to accept appointments online. The opportunity to leverage software to optimize every element of their operations is huge.''