Phorest has raised €20 million in funding from US investment firm Susquehanna Growth Equity (SGE).
The company, which was founded by Ronan Perceval in 2003, will use the funding to increase the pace of its international expansion. Phorest, which offers management software for hair and beauty salons, has been growing at around 40 per cent annually.
The €20 million investment will also buy out some of the existing investors, including Enterprise Equity and a number of angel investors. Enterprise Equity participated in Phorest’s seed funding round in 2011, when it raised €1.2 million.
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