Luxembourg-based Salonkee, a salon management solution and booking platform for the hair- and beauty industry, announced on Monday that it has raised €28M in a growth round of funding.
The company says it will use the funds to help increase its market penetration across Europe, continue to invest in innovation, and expand its worldwide team to capitalise on the high demand for its product.
Investors in this round
The round was led by PeakSpan Capital, a growth-stage B2B software-focused investment firm with over $1.5B in assets under management.
Existing investors Fortino Capital, Newion Partners, Expon Capital, and LBAN also participated in the round.
Matt Melymuka, co-founder and Managing Partner at PeakSpan Capital, says, “The Salonkee team identified a massive market opportunity in Europe early on, characterised by a highly-fragmented landscape of competitors with no clear market leader and a suite of outdated or simplistic solutions.”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,” adds Melymuka.
“The Salon software”
Founded in 2016, Salonkee is a provider of salon management solutions. It aims to dominate in Europe and claims to now provide the “most” complete set of management solutions for hair and beauty salons.
According to a statement, the company is the go-to option for salons throughout the continent because of their user-friendly platform, which is created to streamline operations, increase efficiency, and improve the client experience.
Tom Michels, co-founder and CEO of Salonkee, says, “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 optimise every element of their operations is huge. We’ve developed a comprehensive, end-to-end solution enabling customers to digitise all aspects of their operation, yielding tremendous efficiency gains and mind-blowing ROI.”
Michels adds, “Our platform provides everything needed to run a salon business in the modern era from a single pane of glass, offered at a disruptive price point. This makes our solution incredibly sticky and mission-critical for our customers.”
The platform provides salon owners with everything they need – from online booking and scheduling to integrated online and in-store payments, CRM and messaging/communication, resource and inventory planning, loyalty programme management, and accounting/finance, among others.
Salonkee claims to have shown the sustainability and success of its business model in an SMB market with net revenue retention of 135 per cent.
Currently, the company has 110 employees across offices in Luxembourg, Belgium, Switzerland, Germany and the Netherlands. It services thousands of customers and has grown revenue and customer count by over 100 per cent annually since inception.
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