It’s estimated that there are at least 4,000 nail salons in the city but only one offers an unlimited membership model. Glosslab, founded by a former hedge fund executive, offers a modern, elevated manicure and pedicure experience at its two locations in the city – Flatiron and the West Village. The services are completely waterless, making it more hygienic and the studios use hospital-grade sanitization standards. Membership costs $125 per month for unlimited manicures and pedicures and in response to COVID, Glosslab began offering at-home kits that range from $25-$45. The company has plans to open at least 5 more locations in the city in 2021 as well as expand nationally.
AlleyWatch caught up with Founder Rachel Apfel Glass to learn more about her career transition from the hedge fund world to launching Glosslab in 2018, the impact of the pandemic on the studio business, and the company’s first round of funding, and much more…
Who were your investors and how much did you raise?
This was our first fundraise. We raised over $3M. Glosslab is backed by Andy Stenzler, Cofounder of Rumble Boxing, Sean Rad, Cofounder of Tinder, Co-founder of F-ckJerry Elliot Tebele and his F-ckJerry partner and creator of What do you Meme? Ben Kaplan, and serial startup investor M.J. Bas (Revolut, Elysium Health, Mural).
Tell us about the product or service that GLOSSLAB offers.
Glosslab is, quite simply, modernizing the manicure experience. Our locations are focused on hygiene (waterless services + completely cashless) and efficiency. We have an unprecedented unlimited membership model ($125/month for unlimited manicures + pedicures). We have a true passion for empowering our employees with safe and fair working conditions and a true path to success. We have two locations with plans to open 5+ more locations in 2021. In addition to our in-person manicure and pedicure offerings, we launched three proprietary nail kits in Spring 2020: a GLOSSLAB nail tool kit, a GLOSSLAB gel eraser kit and a GLOSSLAB manicure rescue kit ranging in price from $25-$35.
What inspired the start of GLOSSLAB?
I graduated from Columbia Business School and then worked in hedge fund fundraising for 10 years. I was always in search of a quick, clean manicure as part of my busy work schedule and then as part of my even busier lifestyle as a working mom. I always felt like manicures were errands; a very joyless and inefficient experience. I talked about recreating the nail space for years. After having my second daughter and ultimately leaving the world of finance, I worked with a team of experts to open and then scale Glosslab.
How is GLOSSLAB different?
Glosslab is hygiene and efficiency first with an unprecedented membership-based model. We are laser-focused on the customer experience and how we can make getting a manicure an “efficient oasis” – efficiency combined with an elevated experience. For products, we focus on both performance and clean formulas. We launched our Gel Eraser earlier this year which is game-changing in gel polish removal. The most damaging part of gel manicures is the removal – acetone soak and then scraping on nails. Our Gel Eraser applies like a clear polish and the gel polish literally bubbles off! It has sold out 3 times this year and has a cult following!
What market does GLOSSLAB target and how big is it?
I truly believe: if you look good, you feel good and you do good. Glosslab is targeting women + men to look and feel polished.
What’s your business model?
We have ala carte manicure + pedicure services; products; and a membership-based model: $125/month for unlimited manicures and pedicures. And yes, it is truly unlimited!
How has COVID-19 impacted the business?
I started Glosslab based on hygiene. From day one, our services have been completely waterless, and we use a hospital-grade sterilization system (our tools are so clean you could put them in your mouth!) and we are completely cashless. With Covid-19, we have added health checks and of course masks for customers, but we have not had to change the essentials of our business. We have been so fortunate and humbled by the support of our client and membership community throughout this year.
What was the funding process like?
It went quickly- investors found the unique positioning of Glosslab and our omnichannel strategy quite compelling.
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What are the biggest challenges that you faced while raising capital?
Time management – we had our heads down focused on operations and expansion but had to balance that with the time necessary to complete the fundraising process.
What factors about your business led your investors to write the check?
We are in a huge fragmented market with no clear winner. Our investors believe that Glosslab will be that winner.
What are the milestones you plan to achieve in the next six months?
We are launching our polish line and mani/pedi kits followed by our full line of hand and foot care. We are expanding in NYC to 7+ locations, followed by expansion to other selected markets throughout the country.
We are launching our polish line and mani/pedi kits followed by our full line of hand and foot care. We are expanding in NYC to 7+ locations, followed by expansion to other selected markets throughout the country.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
I truly believe in NYC and that the city will rebound quickly and strongly.
Where do you see the company going now over the near term?
We are so thrilled to be a part of the re-growth of NYC. We are excited to expand our NYC footprint in the very near term as well as expand our Glosslab product
What’s your favorite outdoor dining restaurant in NYC?
I live in Tribeca and love Bubby’s for an early dinner with my husband and two young daughters.
