Venture Capital News: Zenoti Receives $15M
MERCER ISLAND, WA, Zenoti, a leading cloud-based management platform, today announced a $15 million Series B funding round led by Norwest Venture Partners with participation from returning investor Accel Partners.
The funding will be used to expand market share, drive product innovation and help with talent acquisition. Growing rapidly in the spa, salon and medi-spa arenas, Zenoti will use portions of this new round of funding to accelerate growth with expansion into the fitness and yoga space.
Zenoti previously raised $6 million in Series A funding from Accel Partners.
Zenoti's all-in-one solution supports the entire business ecosystem of operational tasks. Its software platform was developed for reliability and scale, using enterprise-level technology made available to businesses of all sizes from a single location brand to large enterprise chains with thousands of outlets.
'Zenoti is filling a void for mid to large wellness chains by solving chronic challenges associated with rapid growth,' said Mohan Kumar, executive director of Norwest Venture Partners. 'Enterprise brands are starting to understand that Zenoti technology affords increased efficiencies and the seamless ability to protect their brand identities and customer experiences. Other players in the market are not addressing the need to manage a brand's distributed operations or provide an integrated view of business performance across multiple locations.'
'Over the last few years, we were focused on building a strong foundation of technology and customer service excellence,' said Sudheer Koneru, CEO of Zenoti. 'We've demonstrated this by transitioning leading, enterprise brands in multiple regions to Zenoti. This funding enables us to establish ourselves as a leader in the industry.'
Zenoti believes that today's large businesses need an integrated, enterprise-level solution, which addresses the consolidation, investments and rapid growth in the industry. As the most comprehensive solution in the market today, Zenoti offers a host of unique assets such as integrated, custom reporting, business intelligence tools, marketing automation, inventory management, and a complete mobile solution. Data migration services, cloud reliability with 99.9% uptime, and pinnacle customer service are more reasons why existing customers are pleased and new business is strong.
The company is serving the unmet needs of large enterprises such as Lakme Salons, Massage Green, and Kaya Skin Clinics. They also cater to the luxury market including brands such as Elemis and Gene Juarez, and have recently expanded into the resort space adding Taj Hotels, Melco Crown, Crown Hotels, and Alaya hotels to their customer mix.
About Norwest Venture Partners:
Norwest Venture Partners is a global venture capital and growth equity investment firm that manages more than $6 billion in capital. The firm targets early to late stage venture and growth equity investments across a wide range of sectors including: technology, information services, business services, financial services, consumer products/services and healthcare. Headquartered in Palo Alto, Calif., Norwest has offices in San Francisco and New York, and subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. The firm has funded more than 575 companies since inception. For more information, please visit http://www.nvp.com. Follow Norwest on Twitter @NorwestVP.
About Accel Partners:
Accel is a leading early and growth-stage venture capital firm, powering a global community of entrepreneurs. Accel backs entrepreneurs who have what it takes to build a world-class, category-defining business. Founded in 1983, Accel brings more than three decades of experience building and supporting hundreds of companies. Accel's vision for entrepreneurship and business enables it to identify and invest in the companies that will be responsible for the growth of next-generation industries. Accel-backed companies include Atlassian, BookMyShow, Cloudera, DJI, Dropbox, Dropcam, Etsy, Facebook, Flipkart, FreshDesk, MuSigma, Myntra, Ola-TaxiForsure, Perfint, Slack, Spotify, Supercell, Vox Media and others. Visit http://www.accel.com for more or @Accel on Twitter.
Founded in 2010, Zenoti was launched to provide an all-in-one business management solution for the spa and salon industry, notoriously plagued by a lack of software robust enough to support the entire business eco-system of operational tasks. Founders, Sudheer and Dheeraj Koneru, experienced first-hand the difficulties in running a chain of spa, salon and fitness centers and reached back to their roots in enterprise software to build a powerful, cloud-based solution that was simple and easy to use.
Today, the Zenoti platform is engineered for reliability and scale, and using enterprise-level technology made available to businesses of all sizes from the single location brand to chains with over 600 outlets. Zenoti currently powers thousands of spas and salons in over 30 countries. Zenoti affords the ability to seamlessly manage every aspect of a business from online appointment bookings, to billing through a POS, CRM, inventory management, marketing automation, and more. Zenoti's clients are able to expand revenue through the platform by elevating the customer experience, increasing customer retention and spend, as well as ease operational overhead through automation.
The company is headquartered in Seattle, USA and has 7 offices globally, in the cities of Seattle, Sydney, Jakarta, Kuala Lampur, Manila, Hyderabad, and Dubai. The company has received $6 million in funding from Accel Partners. http://www.zenoti.com/
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