LOS
ANGELES, Sept. 6, 2024 /PRNewswire/ -- Mangomint,
the highest-rated salon and spa software provider, today announced
a $35 million Series B funding round
and a new suite of marketing automation features specifically
designed for beauty and wellness businesses. Since its inception in
2017, Mangomint has focused on improving efficiency and leveraging
automation to help independent salon and spa businesses cut costs,
save time, and reduce friction in their day-to-day operations.
Mangomint's entry into the marketing automation space represents a
critical piece of the puzzle in the company's product vision, now
enabling small businesses to drive measurable profitability.
Driving profitability: the holy grail for small
businesses
Half of small businesses in the U.S. fail within the first five
years (U.S. Bureau of Labor Statistics). In the salon and spa
industry, it's no different. In fact, it's often worse. Businesses
in this vertical are typically under pressure and defined as low
profit. According to Gitnux.org, the salon industry has a net
profit margin of around 8.4 percent. Coupled with high operating
costs, profitability can feel impossible to attain for business
owners.
"From rent and facility costs to product inventory, staff
payroll, and marketing, operating costs in the salon and spa world
are uniquely high," said Daniel
Lang, Co-Founder and CEO at Mangomint. "Our customers
already see cost savings by using Mangomint to run their
businesses, but now we're helping them leverage intelligence and
automation to drive profitability by helping them bring clients in
and keep them coming back."
Building on its core revenue-driving features like Email
Marketing, Memberships, and Packages, Mangomint has launched
Automated Flows, which uses event and activity-based logic to
trigger a sequence of automated steps including sending email or
SMS marketing messages, client reminders, internal notifications,
and more. The feature allows users to build communication and
promotional flows tailored to their specific services and client
activities in order to drive client retention and spending, all
while ensuring a seamless experience.
Example use cases for Mangomint's Automated Flows:
- Send pre-care instruction emails for waxing or laser
services
- Ask for review of a service provider 1 day after
appointment
- Send rebooking SMS reminder 6 weeks after appointment
- Cross-promote microneedling services to repeat injectables
clients spending over certain dollar amount
- Encourage membership signups after specific service
appointment
Investing in automation and intelligence for salons and
spas
With over 10 million appointments booked on Mangomint's platform
per year and an annual sales volume of over 1 billion dollars in the U.S. and Canada, the SaaS provider's momentum in the
beauty and wellness vertical is building.
Mangomint plans to leverage new funding to hire engineering
talent to expand on its product vision to drive profitability by
building more automation-driven features. The company also plans to
hire additional onboarding and support managers to maintain its
track record of delivering a top-rated customer experience.
Mangomint's Series B funding round was led by Altos Ventures, a
Silicon Valley-based firm with deep experience in fast-growing
vertical software companies, with participation from Jason Lemkin's SaaStr Fund and existing investor
OpenView Venture Partners. In addition to the equity round,
Mangomint also secured $12 million in
venture debt issued by Avidbank.
About Mangomint:
Mangomint is a next-generation SaaS platform designed to
automate day-to-day operations, increase profit, and enhance client
experiences for beauty and wellness businesses. Catering to salons
and spas with 5 or more service providers, Mangomint offers a range
of features including appointment booking, POS/payments, client and
staff management, inventory and retail sales, two-way-texting,
email marketing, and payroll processing.
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SOURCE Mangomint