Funding round led by Point72 Private Investments enables company to accelerate platform development and expand into new self-service verticals
LOS ANGELES–(BUSINESS WIRE)–Boulevard (www.joinblvd.com), a provider of a customer experience platform purpose-built for self-service businesses, today announced that it has raised $70 million in Series C funding led by Point72 Private Investments with the participation of Toba Capital, Index Ventures, Bonfire Ventures, BoxGroup and VMG Partners. The funding enables Boulevard to significantly increase its investment in design and development, accelerate the introduction of new platform capabilities and expand into new self-service verticals. In connection with the investment, Eddie Kang, who leads the growth stage investment activities of Point72 Private Investments, joined Boulevard’s board of directors.
“We are very excited to be working with Eddie and the team at Point72 Private Investments,” said Mat Danna, Co-Founder and CEO of Boulevard. “With today’s news, not only have we raised capital that will allow us to grow our product and engineering teams, improve our platform, and drive multidimensional expansion into new segments and verticals, but we’ve also added a partner who deeply understands our industry and our business. It’s a great day for Boulevard, our team members and, most importantly, our customers.”
The funding comes at a time when self-care is becoming an increasingly important component of health and well-being in a post-pandemic world. As self-care continues to become an integral part of everyday life, the personal care and beauty market, which includes hair salons, nail salons, hair salons, facial and skin care and other beauty services, is expected to exceed $1.4 trillion by 2025, while the spa sector is expected to exceed $150 billion over the same period1.
Boulevard achieved record growth in 2021, more than tripling the size of its customer base and recording a 188 percent year-over-year increase in annual recurring revenue. The company has also added full payment facilitation capabilities to the powerful meeting scheduling and messaging functionality it is known for. Boulevard now processes more than $1 billion in payments each year, and more than 25,000 professionals in 2,000 salons and spas nationwide rely on its platform to deliver engaging and enjoyable experiences to their clients through online appointment scheduling, sharing messages and simple payments, elegant, reliable.
“As the personal care industry continues to evolve, the role of technology in creating seamless experiences that keep customers coming back will only grow,” said Eddie Kang, Partner at Point72 Private Investments. “Boulevard has not only developed an elegant and forward-thinking platform that addresses an urgent need in a rapidly evolving industry, but has also created a thoughtful, customer-centric culture proven by world-class retention. We are delighted to support the Boulevard team as it continues to grow.”
The new round of funding comes as Boulevard continues to gain significant industry and workplace recognition. Earlier this year, the company was named to the inaugural SMBTech 50 list, which recognizes high-growth startups serving small and medium-sized businesses, and was named one of the hottest startups of 2022 by dot.LA.
Forbes recently named Boulevard one of America’s Best Employers for Startups in 2022, ranking 33rd on the prestigious list of the 500 Best Employers for Startups in the U.S., and was honored Fortune and Great Place to Work® as one of the Best Places to Work for Millennials in 2022. With its commitment to a fully remote workforce, Boulevard has more than doubled the size of its team in the past 12 months.
About the boulevard
Boulevard offers the first and only customer experience platform specifically designed for self-service and walk-in businesses. Boulevard enables business owners and professionals alike to provide an engaging and enjoyable experience for their customers with online appointment scheduling, messaging and payments that are simple, elegant and reliable. Founded in 2016, Boulevard has earned the trust of thousands of salons and spas across the country by providing world-class technology and the genuine, human, responsive service they deserve. To learn more, visit joinblvd.com.
About Point72 private investments
Point72 Private Investments is an institutional private investment platform that includes Point72 Ventures, a multi-stage venture capital strategy led by diverse industry experts, and Point72 Hyperscale, a private equity strategy that uses applied artificial intelligence to build and scale market-leading companies. Point72 Private Investments, Point72 Ventures and Point72 Hyperscale are subsidiaries of Point72 Asset Management, a global asset management company founded by Stephen A. Cohen. For more information, visit p72.vc and p72hyperscale.com.
1 Global Wellness Institute: The global health economy: looking beyond CovidDecember 2021
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