KKR has invested $80 million in Fresha, a London-based beauty and wellness platform, in a transaction that values the company at over $1 billion, according to a company announcement.

The investment brings Fresha's total capital raised to $285 million. Founded in 2015 by William Zeqiri and Nicholas Miller, Fresha operates as a marketplace and business management platform for beauty and wellness services.

Fresha serves over 130,000 beauty and wellness businesses globally and facilitates more than 35 million appointments per month. The platform processes over $15 billion in annual gross merchandise value across hair, beauty, barbering, nails, aesthetics, wellness, fitness, and spa services.

The company operates in the United Kingdom, Australia, New Zealand, Gulf Cooperation Council countries, North America, Continental Europe, and Southeast Asia. Fresha reports that it is currently profitable.

KKR made the investment through its Next Generation Technology Growth strategy. Patrick Devine, a partner in KKR's Tech Growth team, said the firm views Fresha as having built a platform that combines software, financial services, and marketplace capabilities.

"We believe the company is well positioned to continue scaling globally as demand grows for modern, vertical-specific technology solutions," Devine said.

Fresha plans to use the funding for global expansion and product development, with particular focus on artificial intelligence capabilities. The company's platform includes appointment management, client engagement tools, payment processing, and financial services for beauty and wellness businesses.