Planity raises $50 million Series C to drive international expansion
In the summer of 2021, Revaia embarked on Planity’s journey, leading their €30 million Series B. This venture was not just an investment; it was a belief in a vision. Planity, with its innovative end-to-end SaaS-enabled marketplace, promised to revolutionize the beauty and hair salon industry, transitioning thousands of small businesses from the cumbersome analog world of handwritten notes and endless phone calls to a seamless digital ecosystem.
Fast forward to today, the fruits of this partnership are evident. Planity has not just met expectations but exceeded them, now announcing a staggering $50 million Series C to fuel its international expansion. Since our first investment in 2021, Planity has solidified its dominance in France and is now doubling down on Belgium and Germany, where its initial strides have already shown remarkable promise. The Series C round, led by InfraVia Capital Partners and supported by Crédit Mutuel Innovation and Bpifrance Digital Venture alongside us at Revaia, marks a significant leap forward.
This remarkable journey is a testament to the vision and execution of Planity's co-founders, Antoine Puymirat, Jérémy Queroy, and Paul Vonderscher. Since 2017, they have navigated the challenges of a tough funding climate, setting new benchmarks for Series B and C rounds and demonstrating the resilience and innovation at the heart of Planity.
As we always do at Revaia, we have tried our best to extend our role beyond our financial investment. We've stood alongside Planity's founders as active board members, advisors, and cheerleaders, contributing to the strengthening of governance with the hiring of operational leaders, exploring M&A opportunities, and supporting fundraising efforts. Our ethos is to add value in every way possible, and hopefully Planity's journey is a shining example of this commitment in action.
The success of Planity offers invaluable lessons on strategic growth, product innovation, and market penetration:
Strategic Market Entry: Planity's approach to conquering the French market by initially targeting regions outside the saturated Parisian market demonstrated strategic brilliance. This was potentially less glamorous, but it not only allowed for capital-efficient growth but also positioned Planity as a formidable leader upon re-entering Paris a few years after its launch. The company commands a remarkable 80% market share in France.
Product Expansion and Innovation: Rather than focusing solely on the end users’ acquisition, Planity has built both its business model and its product around the vision to be the daily operating system of beauty professionals — now covering bookings, payments, inventory management, etc. The constant expansion of Planity's product suite has significantly enhanced customer and business owner experiences. This innovation not only deepened relationships but also opened new revenue channels. The exploration of conversational AI tools to further support beauty professionals represents the next major improvement of Planity solutions.
Capital Efficiency and Brand Strength: Achieving leadership in France enabled Planity to transition to a more inbound-focused, profitable strategy. The strength of the Planity brand has transformed customer acquisition dynamics, showcasing the power of the brand in driving business efficiency..
Bold Geographic Expansion: Leveraging the solid foundation established in France, Planity's expansion into Belgium and Germany is already well underway. This strategic move reflects Planity's ambition and capability to become a European leader in the beauty and wellness booking space, demonstrating the company's proactive approach in capturing new markets and solidifying its presence across Europe.
As Planity currently serves over 40,000 establishments and facilitates 10 million bookings monthly, achieving an ARR of $40 million in 2023 with 60% year-over-year growth, the future looks bright.
At Revaia, we are beyond excited to continue our journey with Planity, supporting their mission to redefine the beauty and wellness industry across Europe. We are proud to be a part of this remarkable journey towards creating a European champion.