Booker Raises $27.5 Million Led By Bain Capital Ventures Growth Funding to Help Accelerate the Enablement of SMBs and Multi-Location Enterprises With Leading Cloud-Based Service Management Platform
NEW YORK, April 16, 2013 /PRNewswire/ -- Booker (formerly GramercyOne), the leading service management platform (SMP) that helps small to medium-sized businesses (SMBs) and multi-location enterprises unify operations and automate marketing on a single cloud-based system, has secured $27.5 million in Series B financing led by Bain Capital Ventures. Booker's Series A investors, Revolution Ventures, Grotech Ventures, TDF Ventures, and Vital Financial, also participated in the financing round. Booker will use this funding to aggressively scale its product and sales teams focused on developing and delivering enterprise-class technology to multiple vertical markets in an affordable and intuitive system.
"We give local service businesses the technology they need to succeed," said Josh McCarter, CEO of Booker. "Our technology helps these businesses connect consumers with services as seamlessly as Amazon connects buyers to products. And this round of financing, along with adding Bain Capital Ventures to our team, will ensure we continue empowering our clients to grow in ways they never could before."
Unlike the many disconnected point solutions on the market today, Booker's unified platform is the system of record, providing all the tools necessary to run a successful service business, including: scheduling, point of sale, CRM, employee management, marketing and loyalty programs, and comprehensive reporting. Over 60,000 service professionals use Booker's products across multiple verticals, including: health, wellness, beauty, home improvement, and professional services.
"We've been closely tracking the adoption of SaaS (Software-as-a-Service) by SMBs. Service businesses are the backbone of our economy, and Booker's platform revolutionizes the way that these businesses operate on a daily basis by providing tools that directly grow revenues, increase productivity, better manage data, and lower costs," said Deepak Sindwani, Partner at Bain Capital Ventures and the newest member of the Booker board of directors. "Booker's impressive growth trajectory, team, and multi-vertical strategy were key drivers for our investment."
Booker's platform facilitates and captures the entire purchase cycle and customer history from promotion to sale. As a result, owners get detailed, unique insights into their businesses' performance, which they leverage to make informed business decisions. Booker also generates new customers by distributing real-time appointment availability online and automating specials at optimal price points, bringing yield management technology to SMBs.
Booker recently announced the launch of its mobile and tablet apps on Apple iOS and Android devices, empowering business owners and their staff to manage operations anytime, from anywhere.
Booker is coming off of an impressive 2012, achieving triple-digit revenue growth for the fourth consecutive year and doubling its annual transaction volume to nearly $1 billion. The company has also expanded its team substantially, growing from 65 to 200 employees to support the growing demand for its SaaS product.
Solidifying its position as New York City's breakout startup, Booker recently won the first annual Take the H.E.L.M. Competition in the "Expanding in Lower Manhattan" category. In addition to the recognition, the company also received a cash prize of $260,000, which Booker is giving back to its local community by providing a one-year license of its software (a $2,000 value) to over 100 beauty and wellness-related small businesses in Lower Manhattan.
Booker helps small and multi-location businesses run and grow successfully by replacing everything from manual methods to disconnected software with a unified web-based platform, accessible from any device. Booker also enables service businesses to sell their services online, through their website and a network of partner sites and apps, creating a seamless online booking experience for consumers. Booker processes over one million appointments each month across 73 countries in 11 languages. Headquartered in New York City, Booker's customers include thousands of local service businesses as well as Fortune 500 companies. For more information, visit www.booker.com.
About Bain Capital Ventures
Bain Capital Ventures is the venture arm within Bain Capital, which has approximately $70 billion of assets under management worldwide. The firm's history of investing in early stage companies dates back to 1984 with over 125 venture investments since inception. Bain Capital Ventures manages over $2 billion of assets, has over 70 active portfolio companies, and has offices in Boston, New York, and Palo Alto. The firm has helped steer many ideas to success by working in partnership with management teams, pairing talented and passionate entrepreneurs with industry experts, opening doors to customers, and collaborating on long-term strategies. For more information, please visit www.baincapitalventures.com.