Steadview Capital Makes $20 Million Investment in Zenoti
Cloud-Based Business Software for Spas and Salons Extends Presence to U.K. while adding Marketing Talent to the Executive Team
BELLEVUE, Wash., Aug. 22, 2019 /PRNewswire/ -- Zenoti Software, the leading cloud-based platform for the spa, salon and med spa industry, today announced that it has secured $20 million in funding from Steadview Capital. On the heels of its recent $50 million Series C round, Zenoti intends this additional funding to expand the company's presence in the U.K. and bolster its global marketing efforts. The company has previously raised capital from Tiger Global, Accel, and Avataar investment firms. Additionally, the company announced that it has hired Guy Weismantel, a SaaS platform and technology industry veteran, to serve as Senior Vice President of Marketing.
"Zenoti is realizing our vision of service entrepreneurs, addressing the most common pain points for business owners in the fast growing beauty and wellness industry with a cloud-based platform that is miles ahead of the competition and driving rapid growth," said Ravi Mehta, Founder and Managing Director of Steadview Capital. "We are excited to support Zenoti on its fast track to global expansion as it continues to raise the bar for customer service in spas and salons around the world."
This funding coincides with the recent signing of Hand & Stone Massage and Facial Spa, as Zenoti is now committed to powering business operations across the chain's more than 400 stores in the US and Canada. Hand & Stone, along with existing clients, can expect Zenoti to continue to deliver an industry leading solution with new innovations as the funding gets allocated.
"Steadview has a keen eye for SaaS opportunities, and we couldn't ask for a better partner to help us cement our leadership position and rapid growth in the industry," said Sudheer Koneru, CEO of Zenoti. "With more than $91 million raised to date, Zenoti is poised to accelerate adoption of our proven platform on a global scale, and continue to drive exceptional growth through a variety of strategies including innovation, expansion and acquisition."
The addition of Weismantel bolsters the executive management team at a time where the company continues to expand its client base, product innovation, and market penetration. Weismantel joins Zenoti to build the company's marketing organization after serving in executive and C-level marketing roles with fast growing startups Pushpay and Marchex. He also held senior positions with Microsoft and Expedia earlier in his career. He's a graduate of the University of Notre Dame, as well as the Kellogg School of Management at Northwestern University.
ABOUT ZENOTI
Zenoti is powering the future of the customer experience, offering an all-in-one, cloud-based software solution for the spa, salon and med spa industry. The Zenoti platform is engineered for reliability and scale, harnessing the power of enterprise-level technology for businesses of all sizes. Thousands of spas and salons in more than 50 countries rely on Zenoti to seamlessly manage every aspect of their business. The integrated solution delivers online appointment bookings, mobile check in/check out, POS, CRM, employee management, inventory management, built-in marketing programs, and more. Zenoti helps clients streamline their systems and reduce costs, while simultaneously improving customer retention and spending. To lean more about Zenoti, visit https://www.zenoti.com/.
ABOUT STEADVIEW
Steadview is a leading alternative asset manager. The firm makes concentrated long-term investments across multiple industries. The firm has a sophisticated group of institutional investors including leading family offices, endowments, foundations, sovereign wealth funds, and pension funds, who seek to capture attractive long-term returns over managing short-term volatility.
SOURCE Zenoti
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