Bentlespace, operator of shared salon 'Rowi', secures 3.5 billion KRW in Series A funding

[Asia Economy Reporter Kim Bo-kyung] Bentlespace, the operator of the private shared beauty salon 'LOWE,' announced on the 22nd that it has secured 3.5 billion KRW in Series A funding from domestic and international investors.

This investment round saw new participation from HYK Partners, Crit Ventures, and Yukyung PSG Asset Management, while existing investor Strong Ventures also participated in the follow-up investment.

LOWE is a shared beauty salon service where hair designers and customers can receive one-on-one treatments in private beauty spaces. Since launching its service with the Hongdae branch in December 2018, it has expanded to operate a total of three branches in the Mapo area, including Hongdae, Sinchon, and Hapjeong.

LOWE plans beauty treatment products for hair designers' personal branding and is currently beta-operating a beauty vertical commerce platform where consumers can compare and purchase treatment products.

Since the service launch, sales have increased for seven consecutive quarters, with an average quarterly growth rate exceeding 39%. This year, the revisit rate of customers who visited more than twice reached 62%.

With this investment, LOWE plans to accelerate branch expansion. Starting with the recently contracted 5th branch in Gangnam, which is 480㎡ (approximately 145 pyeong) in size, it aims to increase to 13 branches next year, focusing on major subway station areas in Seoul. In 2023, it will expand its presence throughout the metropolitan area. Additionally, it plans to broaden its business scope to include various beauty services such as nails and skincare.

HYK Partners, which led this investment round, stated, "A shared beauty salon platform that takes charge of and supports non-beauty-related tasks for hair designers is emerging. From the customer's perspective, service satisfaction increases, and designers can secure stable income."

They added, "Since various beauty services can be additionally provided to customers both online and offline, it will be possible to satisfy both customers and designers while steadily expanding the business."

Yang Jae-won, CEO of Bentlespace, said, "Through this investment, we will develop into an online and offline beauty platform encompassing not only hair beauty but also other beauty services," and shared plans to use the funds for branch expansion, talent acquisition, and platform development.

This content was produced with the assistance of AI translation services.