SalonScale Technology, a Saskatoon-based mobile app for the hair salon industry, has closed its seed-stage financing, raising more than $1 million.
The round’s Canadian and U.S. investors included Conexus Venture Capital Fund, a recently launched $30 million fund focused on Saskatchewan’s startup ecosystem.
Founded last year by CEO Alicia Soulier, SalonScale provides an app, paired with a Bluetooth scale and web dashboard, to help salons manage the costs and usage of hair colouring.
The company will use the financing’s proceeds to grow its operations in North America and worldwide.
Photo: Alicia Soulier, founder and CEO of SalonScale Technology.
Female-led tech company raises over $1 million in venture capital investment
August 8, 2019
Saskatoon, SK – Exciting times are ahead for another Saskatchewan-based start-up. SalonScale Technology raised over $1 million in 13 months alone. Alicia Soulier, SalonScale Technology’s Founder and CEO, is overwhelmed by the support she’s received from investors locally and across the border.
“Since our inception, we’ve attracted seasoned investors both locally and from Silicon Valley. We have nothing but gratitude for those who have invested in SalonScale Technology,” she says. “Venture capital investment helps us give salon owners the tools they need to separate the cost of hair colour and stylist labour.”
SalonScale Technology has seen tremendous business growth, with a 130% increase in revenue in less than six months. A business performance like this that has attracted notable investors like the newly minted Conexus Venture Capital Fund, based in Regina, Saskatchewan.
“Alicia and the SalonScale team is the personification of our belief that the resourcefulness and creativity of Saskatchewan entrepreneurs will enable our startups to outperform their North American peers,” said Sean O’Connor, Conexus Venture Capital Fund Manager at Conexus Credit Union. “Our Conexus Venture Capital Fund invests in a diversified portfolio of Saskatchewan-based high-growth startups and we’re thrilled to add SalonScale onto our investment portfolio as we believe they’re on track to be another Saskatchewan success story in our province’s growing ecosystem.”
With this seed round of venture capital investment, SalonScale Technology created nine new jobs, with 66% of the roles filled by women. The company will also use investment dollars to grow its operations in Canada, the US, and in other global locations.
SalonScale Technology takes the guesswork out of hair colour costs by separating the cost of colour from labour. With a Bluetooth scale and app, SalonScale Technology will save hair salons, one salon at a time.
For more information, please contact:
Ben Borne, Director of Strategy