Zenoti Raises $80 Mn In Series D Funding Round The latest capital infusion, which pegs Zenoti's post-money valuation at $1.5 billion, is an extension of the SaaS startup's Series D funding round
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Enterprise cloud platform Zenoti for the beauty, wellness, and fitness industries announced to have raised an additional $80 million as an extension to its Series D funding round, according to a report.
The additional investment was led by TPG, a global alternative asset firm that has invested in leading technology companies such as Airbnb, Kajabi, Toast, and Uber. The investment increases Zenoti's valuation to almost $1.5 billion.
Powering more than 12,000 businesses in over 50 countries, Zenoti is software for salon and spa businesses. The company has recently expanded into the fitness industry through partnerships with CorePower Yoga and other fitness leaders. Zenoti's touchless and mobile solutions serve all aspects of consumer engagement, allowing for easy appointment scheduling, self-check-ins, automatic payments, and more, the report said.
"We are privileged to have the trust, confidence, and support of TPG as we continue our growth journey," said Sudheer Koneru, chief executive officer and founder, Zenoti. "Zenoti remains committed to helping beauty, wellness, and fitness businesses reach their full potential and set the standard for the customer experience."
The additional investment builds on a time of significant momentum for Zenoti, having achieved 100 per cent year-over-year growth in 2020. The additional capital will enable the company to continue to expand its platform through forthcoming M&A, while also providing some liquidity to its employees for their commitment and hard work to the organization over the last decade, it said.
"Zenoti has created the go-to cloud-based platform for leading beauty and wellness brands looking to grow their businesses and create better experiences for their customers," added Arun Agarwal, managing director, TPG. "As consumers across the globe continue to prioritize self-care, we believe the company is well-positioned for strong growth."
Zenoti has a portfolio of global brands including European Wax Center, Hand & Stone, Massage Heights, Rush Hair & Beauty, Sono Bello, Hair Cuttery, Profile by Sanford, and, most recently, Toni&Guy, the report further shared.