10Beauty, a Burlington, MA-based creator of a salon-quality manicure machine, raised $38M in equity funding, including a newly closed $17M extension to their Series A led by Shine Capital.
Imaginary Ventures, Lerer Hippeau and Red Sea Ventures led their previous funding rounds.
The company intends to use the funds to expand operations and its business reach.
Co-founded by Alex Shashou and Justin Effron, 10Beauty is an intelligent beauty company, utilizing robotics and automation to reinvent how beauty services are delivered. It employs roughly 30 engineers and plans to launch its first product, a fully automated salon-quality manicure machine, in the second half of 2024. It enables people to customize the manicure on a mobile app, slip in the hand, and let the machine remove the polish, file and shape the nails, brush away the cuticles, apply new polish, and dry the final product. The full manicure process takes roughly as long as a traditional manicure, but on the customer’s timetable.
The company plans to install The 10 at 1,000 initial locations, representing a run rate of $13M in annual manicure pod subscription revenue. These partnerships have potential to eventually represent $50M in revenue and presence at 3,000 locations.
FinSMEs
09/02/2024