Wahanda raises additional $46m to cement position in global beauty market
Company recently closed a deal for $26m and acquired German rival Salonmeister
European hair and beauty marketplace Wahanda, featured in the Startups 100, has bagged a further $46m investment from existing investor Recruit Holdings which has also now taken a majority stake in the company following a nine-figure deal with other investors.
The deal, which follows an earlier $26m growth capital investment, will see the company pursue additional expansion having already achieved an alleged 300% year-on-year growth.
Founded in 2008 by Lopo Champalimaud and Salim Mitha, Wahanda’s platform allows customers to browse and instantly book appointments at more than 6,000 spas across the UK.
In October 2014, the company acquired Germany’s Salonmeister and Austria’s BeautyCheck to expand its European territorities and it will be using the investment to pursue other European markets with the plan to be in eight countries by June 2015.
The investment will also be used to support a major recruitment drive to build on its 210-strong workforce.
Wahanda’s Champalimaud commented: “This is a great deal for everyone involved – employees and investors, and, most importantly, our customers and merchants.
“With its Hot Pepper Beauty business in Japan, Recruit has a wealth of experience in this space and understands how to scale our business. Our ambitions are aligned and the capital investment, expertise and knowledge that Recruit provides will enable us to continue on our growth trajectory, truly cementing our position as the leader in our field.”
Kazumasa Watanabe, of Recruit Holdings Co. Ltd, continued:
“This investment will allow us to further improve our international position in the hair and beauty industry. We recognised in Wahanda a world-class team and a company that had already established itself as the market leader in Europe. We look forward to supporting them with the aim of becoming a global leader in the beauty industry.”