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PRODUCT NEWS
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| Zenoti raises US$80m funding and increases valuation to nearly US$1.5bn |
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| 15 Jun 2021 . BY Megan Whitby |
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| Sudheer Koneru, CEO and founder at Zenoti, says the addiitonal capital will enable the company to continue to expand through forthcoming mergers and acquisitions |
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Cloud-based spa and salon software supplier for the beauty, wellness, and fitness industries, Zenoti, has raised an additional US$80m (€66m, £56.7m) as an extension to its Series D funding round.
The investment increases Zenoti’s valuation to almost US$1.5bn (€1.2bn, £1.1bn), after it reached unicorn status in December 2020.
This additional investment was led by global alternative asset firm TPG – which has invested in tech companies including Airbnb, Kajabi, Toast and Uber.
The capital will enable the company to continue to expand its platform through forthcoming mergers and acquisitions, while also providing some liquidity to its employees for their commitment and hard work to the organisation.
Powering more than 12,000 businesses in over 50 countries, Zenoti has recently expanded into the fitness industry through partnerships with CorePower Yoga and other fitness leaders.
“We’re privileged to have the trust, confidence and support of TPG as we continue our growth journey,” said Sudheer Koneru, CEO and founder at Zenoti.
“Zenoti remains committed to helping beauty, wellness, and fitness businesses reach their full potential and set the standard for the customer experience.”
Koneru added that the additional investment builds on a time of momentum for Zenoti, having achieved 100 per cent year-over-year growth in 2020.
Zenoti services an existing portfolio of global brands including Toni&Guy, Hand & Stone, Massage Heights, European Wax Center, Rush Hair & Beauty, Sono Bello, Hair Cuttery and Profile by Sanford.
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