Mindbody, a provider of online business management software to the beauty, health and wellness industry, has completed a USD35m investment round led by Institutional Venture Partners (IVP).
The company’s existing investors, Catalyst Investors and Bessemer Venture Partners (BVP), also participated in the latest investment.
The capital raised will be used to accelerate Mindbody’s international expansion and ongoing product development. Mindbody currently serves over 21,000 health, wellness and beauty-based businesses in 80 countries worldwide.
Mindbody’s SaaS business management solution helps local businesses 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 both business owners and their clients via web and mobile apps.
“After meeting with dozens of outstanding institutional investors, we selected IVP for their thorough knowledge of our space, understanding of our vision, cultural fit with our team, and exemplary track record supporting later-stage, high growth companies,” says Rick Stollmeyer, Mindbody’s co-founder and chief executive. “Norm Fogelsong and the IVP team are a valuable addition to our board. We are particularly pleased that BVP and Catalyst are also participating in the round, indicating their continued high confidence in our growth plans.”
“IVP is excited to be a part of Mindbody’s continued growth, expansion, and unique vision,” says Norm Fogelsong, general partner of IVP and newest member of Mindbody’s board of directors. “Mindbody is dedicated to developing products in support of fitness and wellness entrepreneurs around the world, helping them follow their passions for making the world a healthier place.”
