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what’s new! HEYDAY CLOSES $20 MILLION SERIES B ROUND LED BY LEVEL 5 CAPITAL PARTNERS (L5) Heyday, the fast-growing company making expert skincare accessible, announced a $20 million Series B round of funding led by Level 5 Capital Partners (L5) with participation from existing investors Lerer Hippeau and Fifth Wall Ventures. The fundraise will allow Heyday to further scale and cement its position as the trusted brand in skincare, with expansion through franchise of its high-touch physical experience and innovation in delivering personalized skincare. “This strategic funding will enable us to accelerate our growth and deliver on our vision of delivering highly personalized skincare solutions,’’ says Adam Ross, CEO & Co-founder of Heyday. “We are proud of the industry leading in-store facial experience we have built and excited to
expand across the U.S. while innovating digital experiences to meet consumers’ daily skincare needs in a differentiated, expert way.” Heyday’s expansion will meet the consumer both on and offline and will be inclusive of physical store expansion through a new franchise system while simultaneously digitizing its experiences and services. “By expanding Heyday’s physical footprint to hundreds of stores in the next five years, paired with unique expert-led services available virtually, Heyday is poised to become the most trusted company in skincare,” says Chris Kenny, managing partner of Level 5 Capital Partners (L5). https://www.heydayskincare.com/pages/ franchise
FINANCIAL PREPAREDNESS FOR FRANCHISEES: FROM PPP LOANS TO THE UNKNOWN Reflecting on the past year in which one in five small businesses permanently closed, financial preparedness was a key factor in what helped keep many brands afloat. Specifically, for franchisors like Subway, Senior Helpers, and Meineke, securing millions of dollars in PPP loans for hundreds of franchisees as quickly as possible provided the foundation for recovery. Behind that execution was a pre-existing partnership with BoeFly, a premier online marketplace for franchise growth solutions. Mike Rozman, founder of BoeFly, shares that trusted partnerships empowered franchises to successfully navigate the unexpected twists that typically accompany
Franchising USA
financial opportunities like the PPP loan application process. “When it came to securing a PPP loan, speed and positioning were essential. As an outsourced partner, BoeFly helped guide franchisors in assisting their franchisees to rapidly access PPP funds and keep their businesses running. I encourage franchisors to have financing partners in place rather than wait for the next curveball to be thrown our way,” said Rozman. Outsourcing has been a trend on the rise, seeing as it can preserve resources, streamline operations, and reduce spending by up to 60% when it matters most. Bernie Fitzgerald, a franchisee of Senior Helpers in Florida said: “We received a six figure PPP installment and used it for payroll and rent. We were able to use the funds for
payroll and keep the staff doing the terrific job they do for the most vulnerable of our citizens.” As recovery continues, outsourcing facilities management will continue its estimated incline, reaching $1.9 trillion as an industry by 2024. https://boefly.com/
