The beauty industry has recently seen an explosion of offerings. Customers now have access to treatments that go far beyond basic hair and nail care, from wrinkle-smoking botox and fillers to permanent laser hair removal via GLP-1 medications to weight management.
Riding this wave of industry growth is Boulevard, a provider of scheduling and payment software for the self-care sector.
Boulevard, 9, raised $80 million in Series D funding and valued the business at nearly $800 million, a meaningful rise from the $595 million valuation he won three years ago. The round was led by growth equity firm JMI Equity and included participation from existing investor index ventures and VMG partners.
When Boulevard was launched in 2016, the company’s co-founders Matt Danna and Sean Stavropoulos wanted to solve what seemed like a simple problem.
The duo couldn’t understand whether the salon still called clients and made them make appointments. What they discovered was that salons were intentionally resistant to online scheduling. They were trying to optimize their stylist time.
So, Boulevard has built a machine learning-based booking system that takes into account a variety of constraints, including the client’s unique service needs and the history of punctuality.
The company initially sold accurate scheduling software to hair salons and expanded it to barber shops, spas and nail salons.
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Boulevard’s revenues have skyrocketed by over 500% over the past three years, driven in part by Medspas, a new, fast-growing client segment. These businesses are hybrids between traditional day pass and clinics, offering non-surgical, minimally invasive procedures ranging from microneedles and Botox to prescribing GLP-1 medications like Ozenpic for weight loss.
Danna, CEO of Boulevard, said she was first surprised that MEDSPA owners were interested in using the company’s software instead of the electronic medical record system (EMR). He found that EMR is suitable for client claims insurance, while MedSPA runs primarily on the cash pay model.
According to Danna, adapting Boulevard’s software to provide Medspas was very easy. The company has become a HIPAA-compliant and integrated MEDSPA-specific feature, including visual charts for accurate Botox and filler injection mapping.
Three years after introducing these features, Boulevard estimates that it supplies approximately 15% of all US MEDSPAs.
“I was really impressed with how the beauty and medical service line is blurry,” Danna said. “There are hair salons that offer MEDSPA services.”
Over the years, Boulevard has expanded its offering to include an online payment system, providing businesses that the company has unexpectedly stumbled. “We’ve learned that making reservations easy online is not easy to make reservations,” Danna said. “So we started capturing credit cards to hold appointments and that solved the no-show issue.”
Boulevard initially did not intend to charge these credit cards, but the customer requested that the company use the data for its transactions. Boulevard currently estimates it will process around $5 billion in payments this year.
Of course, Boulevard has a lot of competition, including Zenoti. Zenoti is worth $1 billion in 2020, with Frasha, Booksy and others.
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