GLOWBAR CLOSES ON $10 MILLION OF GROWTH CAPITAL
The Next-Gen Skincare Brand Plans To Double Studios in 2023; Adds Bluemercury’s Marla Beck and Drybar’s Alli Webb To Advisory Board
NEW YORK, Jan. 4, 2023 /PRNewswire/ -- Glowbar, the skincare brand whose custom 30-min, $65, clinical-grade facial has made it a breakout success in New York, announces today it has received a $10 million growth investment led by Peterson Partners, a Salt Lake City-based firm whose investments have included Allbirds, solidcore, Bonobos, Rails Clothing, and Madison Reed.
With this investment, Glowbar is expected to double its studio count by the end of 2023. In addition to growing their Tri-state area footprint, the company plans to open additional markets along the Eastern seaboard. The capital will also be used to expand headcount across the organization, including senior leadership, and to further invest in state-of-the-art training for Glowbar’s 100+ licensed estheticians.
CEO and Founder Rachel Liverman sees Glowbar’s place within the vast beauty market as part of a holistic approach to wellness, with accessible and routine skincare playing a larger role, a term she has coined as “wellcare.” The studio experience delivers the expertise and efficiency expected from health services, with the accessibility that fits into a modern lifestyle - a key differentiator in the growing category.
“Glowbar is changing the way people take care of their skin, and we’ve spent the past few years perfecting our studios’ operations while honing in on exactly what our clients are looking for, all of which have given us a real runway for growth in the wellcare category,” said CEO and Founder Rachel Liverman. “We have built a strong foundation and want to continue to offer the best facials out there. So much of this raise is timed to prioritizing our forever first client - our team - and with new markets on the horizon, it felt like the natural moment to scale and further our mission to deliver digestible, results-driven skincare to the masses.”
This raise also comes on the heels of building out the company’s Board of Advisors with some of the heaviest hitters in the beauty industry. Drybar co-founder Alli Webb and Bluemercury co-founder Marla Beck both signed on in key advisory roles for the company’s next phase of growth.
“Glowbar has found a white space in the very saturated beauty world meeting an unfulfilled need for a quick, but extremely effective facial,” said Alli Webb. “With Rachel’s long history and love of skincare coupled with Glowbar’s results driven approach, this brand is ripe for massive expansion and growth. Glowbar is a game changer and is already seeing tremendous demand for their refreshingly simple and affordable concept. It reminds me of the early days of Drybar and I couldn’t be more excited and humbled to be an advisor and contributor to this one-of-kind business.”
“Seeing Rachel’s deep history and knowledge of the skincare industry, coupled with her thoughtful approach to taking the facial out of the dermatologist’s office, made it a natural fit for me to sign on as an advisor. Her vision for this brand is remarkable, the studio model is poised to scale, and the service model is outstanding. It’s a win on all fronts,” said Marla Beck.
Launched in 2019, Glowbar reinvented the studio experience by delivering custom, clinical-grade facials in just 30 minutes. Using a proprietary system, licensed estheticians design and deliver effective treatment plans tailored to customer needs and goals. Services include Dermaplaning, Chemical peels, Extractions, LED, Microcurrent, or High Frequency. Monthly memberships are $55 – which include one treatment per month and 10% off retail products – with single visits also available for $65.
“We are thrilled to partner with Rachel and her team. Consumers are increasingly prioritizing beauty and skincare and they love the Glowbar experience. We see a big opportunity to build on our New York success in other markets across the country,” said Brett Stohlton, partner at Peterson Partners.
Glowbar launched in 2019 as a brand rooted in effective results and customized experiences. Glowbar’s 30 minute, $65, clinical-grade approach lives at the intersection of a dermatologist and a spa to help consumers reach their skincare goals without the pain points of time, expense, and lack of confidence. Led by CEO and Founder Rachel Liverman, a third-generation esthetician, Glowbar delivers a no-fluff approach with trusted experts to provide a results-driven alternative in the fragmented facial industry. A trusted partner for all skincare journeys from maintenance to combating specific skincare concerns, Glowbar has a singular mission to make people feel confident in their own skin. The brand currently owns and operates 6 studios in New York and Connecticut.
Follow Glowbar on Instagram and Facebook, and learn more about their memberships at Glowbar.com.
About Peterson Partners
At Peterson Partners, our mission is to help great people build great businesses. We roll up our sleeves in supporting exceptional entrepreneurs and management teams in building enduring enterprises and have invested in more than 300 companies across a range of industries, including Allbirds, Vivint, Packsize, Lucid Software, and Azul. Typically, Peterson Partners provides the first equity capital in a business, and we participate for a chapter of growth, usually 5-10 years, during which we work hard as a trusted coach and advisor in driving growth and building brands, systems, and human capital. Peterson Partners is an independent investment firm with more than $1.9 billion under management across Private Equity, Venture Capital, and Search strategies. To learn more about Peterson partners, please visit https://petersonpartners.com.
The portfolio companies identified and described herein do not represent all of the portfolio companies purchased, sold or recommended for funds advised by Peterson Partners. The reader should not assume that an investment in the portfolio companies identified was or will be profitable. Past performance is not indicative of future results. For a list of all of our portfolio companies, please visit our website. AUM indicated is as of 12/31/21. This press release is not a solicitation of an offer to purchase securities and may not be relied upon in connection with the purchase or sale of any security. Interests in the Peterson Funds, if offered, will only be made pursuant to a confidential offering memorandum and subscription documents.
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