The newest tech unicorn is… salon software?

Since March, countless people have given themselves haircuts worthy of a “say no more fam” barber joke.

But in anticipation of post-pandemic normalcy, there has been an influx of funding for SaaS companies that cater to salons and barbers.

One of those companies, Zenoti, just became a unicorn after a $160m Series D investment.

Zenoti has seen 100% YoY growth in 2020…

… and it currently powers 12k+ businesses in 50+ countries.

Launched 10 years ago in India, the company’s cloud-based beauty industry software runs on each user’s phone (rather than an expensive POS terminal), connecting customers with their stylists. It handles:

• AI-based promotion that contacts clients when they likely need a cut.
• Inventory management based on preferences of upcoming clients.
• Contactless scheduling, billing, and even customer reviews.

Franchises are liking the cut of Zenoti’s jib

In November, Hair Cuttery moved 500 locations onto Zenoti. They’re also used by European Wax Center (750 locations), and a number of smaller salon chains.

According to TechCrunch, Zenoti is one of a growing group of SaaS contenders that started in India and are finding success in the US.

Keep an eye on Chargebee and MindTickle here, both of which recently sought funding at $500m+ valuations and heard back from investors: “Say no more, fam.”