- Wahanda acquires portfolio company Treatwell for €34m
5th June 2015, Berlin/ London. Wahanda, Europe’s largest hair and beauty marketplace, is continuing to deliver on its ambitious growth plans with the €34 million acquisition of its Dutch equivalent Treatwell.
Treatwell is a portfolio company of the Berlin-based early stage investor and company builder Project A Ventures and has seen year-on-year growth of over 425%. Since its launch in 2013 it has tied over 2,500 spas and salons across The Netherlands, Belgium and Germany.
In addition to its investment, Project A has also been intensively involved on operational level, particularly in fields like Marketing and Business Intelligence (BI). Since the beginning of this year, the company builder has been strongly involved building up Business Intelligence, supporting the scaling up of marketing activities and the international rollout of together with the Treatwell team.
"It has been a fantastic experience to work with the Treatwell team, not only as an investor, but also collaborating with them intensively on operational matters”, said Uwe Horstmann, co-founder and Managing Director of Project A Ventures. “Together we were able to successfully build up sustainable assets in a very competitive and dynamic space and are happy that the company has now found a new strong partner in Wahanda.”
With the acquisition of Treatwell by Wahanda, Project A has been able to realize a significant return on investment in a considerably short amount of time. It is the fourth successful exit for Project A.
“We are delighted to be joining forces with Treatwell,” said Lopo Champalimaud, Wahanda’s CEO and founder. “The team comes with a wealth of talent, that includes a co-founder of Just-Eat Benelux, an ex-CFO of Booking.com and a former senior executive at Procter & Gamble, who between them have built Treatwell into one of the fastest growing online marketplaces of its kind in Continental Europe.”
"By bringing Wahanda and Treatwell together, we have formed the undisputed leader in the European market.” said Laurens Groenendijk, co-founder and CEO of Treatwell. “Our geographical coverage and our cutting-edge technology complement each other perfectly, as do our cultures and ambitions. We are thrilled to be part of this exciting venture."
Treatwell is Wahanda’s fourth European acquisition in the last six months and reaffirms the company’s strategic position as the leading online hair and beauty booking platform in Europe. The deal follows the €42 million investment in Wahanda by Recruit Holdings last month, which will be used to support accelerated growth in the combined company. The combined company now has over 15,000 venues across Europe, and over 20 million people using its automated booking service.
Wahanda is Europe’s largest hair and beauty marketplace, headquartered in London and employing 210 people across Europe. Its online platform allows customers to browse and instantly book appointments at over 15,000 salons and spas throughout Europe. Wahanda is currently growing at over 300% year on year. The company was founded in 2008 by Lopo Champalimaud.
With over 2,500 connected spas and salons in more than 50 cities in The Netherlands, Belgium and Germany, Treatwell is the biggest and fastest growing online marketplace for hair and beauty services in Continental Europe. The company was established by five co-founders: Laurens Groenendijk, a co-founder of Just-Eat Benelux, Erik Wienk, the former CFO of Booking.com, Jan-Willem van Boeckel, a former senior executive at Procter & Gamble, Martijn Rozendaal, also a co-founder of Just Eat Benelux and Maarten Engelen, a tech entrepreneur. It went live in October 2013, and has seen month-on-month growth of 20%. Treatwell allows consumers to search, compare and book treatments via its website or app, and offers spas and salons a free lightweight SaaS solution to help support new and loyal customers in their user experience.