San Luis Obispo, CA, and New York, NY. MINDBODY, a leading provider of business management software for the health, wellness and beauty industries, including for massage therapists, has raised $50 million of equity financing that will be used to further accelerate the company’s global expansion and development of its Web and mobile products. These goals will help facilitate the integration and adoption of wellness services into mainstream society.
The money raised is from syndicate of current and new investors including Bessemer Venture Partners, Institutional Venture Partners, Catalyst Investors, W Capital Partners and Montreux Equity Partners.
“MINDBODY is the largest and fastest-growing provider of business management software for the beauty, health and wellness verticals. Over 500,000 practitioners at 33,000 businesses in 92 countries depend on MINDBODY’s industry-leading, mobile-enabled SaaS platform,” said Rick Stollmeyer, CEO and co-founder of MINDBODY.
“With our November 2013 release of the MINDBODY Connect mobile app, our massive network is now seamlessly linked to tens of millions of consumers worldwide, enabling us to directly engage with them and drive demand to our clients,” added Stollmeyer. “It’s just one of the many ways we make it possible for beauty, health and wellness professionals to build and grow their businesses.”
MINDBODY’s SaaS management solution allows local businesses to manage all aspects of their operations within a single system, from web scheduling and staff management, to point of sale and payment processing, to automated marketing and eCommerce. The company’s platform is accessible at all times to business owners and staff, as well as their clients, via Web and mobile apps. In 2013, the company launched two additional products: a consumer booking app called MINDBODY Connect, and a workplace wellness solution called MINDBODY Exchange, which offers employers a customizable and affordable platform to connect employees with health and wellness providers.
“MINDBODY’s growth has been exponential and shows no signs of slowing,” said Blake Heston, principal of W Capital Partners, one of MINDBODY’s new investors. “The company’s market leadership is exemplified by the scalability of its core software, its industry-leading innovation in Web and mobile product development, and its dedication to best-in-class customer service. We are very excited to support the company’s continued growth and expansion.”
“Health care has never been as exciting as it is today. The health and wellness practitioners that MINDBODY serves are playing an increasingly important role in healthcare,” said Michael Matly, MD of Montreux Equity Partners, another new MINDBODY investor. “MINDBODY is providing these small business owners with cutting-edge technology that helps them stay relevant in a rapidly advancing online world.”
“Health and wellness is a massive market that has only recently appeared on the business and technology radar screen,” added Jeremy Levine, a partner at Bessemer Venture Partners and a MINDBODY investor since 2010. “MINDBODY’s success penetrating and satisfying this hard-to-reach customer segment is unprecedented and manifests itself in the form of phenomenal growth and financial performance.”
“MINDBODY is uniquely positioned to leverage its technology platform to enable the success of its business-owner customers while simultaneously making it easier for consumers to access beauty, health and wellness services,” added Eric Liaw, principal of Institutional Venture Partners, a MINDBODY investor since 2012. “The company has only begun to scratch the surface of an enormous opportunity to benefit business owners and consumers worldwide.”
“Since our first funding round with MINDBODY in 2009, the company has exceeded expectations in market penetration and growth year after year,” said Tyler Newton, a partner at Catalyst Investors, MINDBODY’s largest institutional shareholder. “MINDBODY’s success comes from its dedication to a continuously evolving product as well as a genuine commitment to the success of the many businesses that use its software.”
MINDBODY has led the health and wellness industry in software development since its founding. In 2001, the company offered the wellness industry’s first multilocation desktop management software; in 2003, the first online booking feature; and in 2005, the first fully Web-based management system. In 2010, the company entered the beauty industry and is today the fastest growing SaaS business management solution for salons and spas worldwide. In 2012, its mobile business management app was released; in 2013, it launched its consumer booking app, MINDBODY Connect, and workplace wellness product, MINDBODY Exchange, expanding its customer base across an even broader array of markets. MINDBODY has been listed on the Inc. 500/5000 list as one of the fastest growing companies in the U.S. for the past six consecutive years. For more information, visit www.mindbodyonline.com.