Slick close $1.7m Seed round to digitise salon industry

Steph Madgett, Co-founder and CEO, Slick

Steph Madgett, Co-founder and CEO, Slick

In light of ‘the post-lockdown bounce’ back for the salon industry we wanted to take the opportunity to congratulate Slick on their recent $1.7m seed round. The round welcomed new investors alongside existing investors including Mike Wroe (ex JustEat), Nick Telson and Andrew Webster (founders of DesignMyNight & Horseplay Ventures) and Errol Damelin (founder of Wonga.com). 

Yesterday, Amazon announced that they are opening a hair salon in London; further evidence of the size of the market and digitisation opportunity. The hair and beauty industry is digitising right now and Slick is the all-in-one, cloud based, and cost effective solution for this traditionally paper-based sector which presents a $24bn global ARR opportunity. Slick is an end-to-end salon management and booking platform providing the digital tools for salons to grow and operate safely. The SaaS platform handles everything from client records, appointments, POS, report, inventory, marketing, payroll and more. 

In the last year Slick have hit key milestones despite the industry being shut down for most of it, including:

  • Growing revenues by 200%

  • Increasing no. of client sites by 100% 

  • Building features to aid salons re-opening 

  • Increasing NPS score to 87 as they continued to consistently deliver value to clients 

Since the reopening of hair and beauty salons in April, Slick have seen:

  • Growing revenues MOM by over 20% since reopening

  • Record no. of new monthly sign ups 

  • Record high spend per customer 

The recent funding will accelerate UK expansion as well as the development of new e-commerce features and next generation online booking integrations which will allow salons to increase growth and revenues in the post-pandemic world. 

Congratulations to Steph Madgett, Rob Smith and the Slick team on all they have achieved to date.  

Adelpha are proud to have advised on this transaction and wish Slick the very best for the next stage of the journey. 

Adelpha