Series B funds will be used to expand market share, help with talent acquisition and drive product innovation for the Zenoti cloud-based business management solution currently leveraged by 5,000 spa/wellness outlets worldwide.
Mercer Island, WA (August 11, 2016) - 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. 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.
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 www.nvp.com. Follow Norwest on Twitter @NorwestVP.
About Accel:
Accel is a leading venture capital firm that partners with exceptional founders with unique insights, from inception through all phases of private company growth. Atlassian, Braintree, Cloudera, Crowdstrike, DJI, DocuSign, Dropbox, Etsy, Facebook, Flipkart, Freshworks, Jet, Pillpack, Qualtrics, Slack, Spotify, Supercell, Tenable, Venmo and Vox Media are among the companies the firm has backed over the past 35+ years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn't have a stereotype.
For more, visit www.accel.comwww.facebook.com/accel or www.twitter.com/accel
About Zenoti:
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, easy to use.
Today, the Zenoti platform is engineered for reliability and scale, using enterprise-level technology made available to businesses of all sizes from the single location brand to chains with over 200 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, salon management software, employee scheduling and payroll, inventory management, building and deploying marketing promotional and sales campaigns and more.
Zenoti clients are able to increase customer retention, customer spend and cut down on costs. The company is headquartered in Seattle, USA and has 7 offices globally, in the cities of Seattle, Melbourne, Jakarta, Kuala Lampur, Manila, Hyderabad, and Dubai. The company has received $6 Million in funding from Accel Partners.
