Salonkee, a Luxembourg-based salon management solution and booking platform for the hair and beauty industry, revealed on Monday that it has successfully secured €28M in a recent funding round aimed at fueling its growth.
The funds raised will be utilized by the company to enhance its market reach throughout Europe, further drive innovation, and bolster its global workforce in order to capitalize on the strong demand for its product.
About the Investors
PeakSpan Capital, a growth-stage B2B software-focused investment firm managing over $1.5B in assets, led the funding round. Notably, existing investors Fortino Capital, Newion Partners, Expon Capital, and LBAN also participated.
According to Matt Melymuka, co-founder and Managing Partner at PeakSpan Capital, the Salonkee team recognized an enormous market potential in Europe from the outset. The European landscape was characterized by fragmented competition, lacking a clear market leader and burdened with outdated or simplistic solutions.
Melymuka commended the Salonkee team for their impressive track record of rapid and efficient growth. He noted their strategic deployment of a well-defined scaling playbook, allowing them to systematically enter new European markets and swiftly establish market dominance.
Melymuka further praised the startup’s highly effective go-to-market strategy, describing it as a well-oiled machine that consistently drives remarkable growth with predictable outcomes.
About the Software
Established in 2016, Salonkee is a leading provider of comprehensive salon management solutions. With a focus on dominating the European market, the company boasts the most comprehensive suite of management tools for hair and beauty salons.
The company’s success can be attributed to its user-friendly platform, designed to streamline operations, enhance efficiency, and elevate the overall client experience. This has made Salonkee the go-to choice for salons across the continent.
According to Tom Michels, co-founder and CEO of Salonkee, the majority of salons in Europe still rely on outdated management methods or have only implemented basic point-of-sale and appointment booking systems. Salonkee recognizes the immense opportunity to leverage software for optimizing all aspects of salon operations. Their end-to-end solution allows customers to digitize every facet of their business, resulting in significant efficiency gains and impressive return on investment.
Michels emphasizes that Salonkee’s platform provides a comprehensive range of salon management features in a single, user-friendly interface, offered at a disruptive price point. This high level of functionality and value makes Salonkee’s solution indispensable and mission-critical for its customers.
The Salonkee platform offers salon owners an array of essential features, including online booking and scheduling, integrated payment systems for both online and in-store transactions, CRM and communication tools, resource and inventory planning, loyalty program management, and accounting and finance capabilities, among others.
The company boasts a sustainable and successful business model in the SMB market, achieving an impressive net revenue retention rate of 135 percent.
Currently, Salonkee operates across multiple locations, with offices in Luxembourg, Belgium, Switzerland, Germany, and the Netherlands. With a team of 110 employees, the company serves thousands of customers and has achieved remarkable year-over-year growth in both revenue and customer count since its inception.