Zenoti raises $15mn in Series B funding led by Norwest Venture Partners
Cloud-based management platform Zenoti has raised $15 million in Series B funding round led by Norwest Venture Partners. Existing investor Accel Partners also participated in the round.
The funds will be used to expand market share, drive product innovation and talent acquisition. Zenoti will also invest to accelerate growth with expansion into the fitness and yoga space.
The company is headquartered in Seattle, USA, and has seven offices globally in the cities of Seattle, Sydney, Jakarta, Kuala Lumpur, Manila, Hyderabad, and Dubai.
Founded in 2010, Zenoti, formerly known as ManageMySpa, is a platform that provides services and solutions for the entire spa and wellness industry. The company previously raised $6 million in Series A funding from Accel Partners.
The platform provides all-in-one solution which supports the business ecosystem of operational tasks. Its software platform is available to businesses of all sizes from a single location brand to large enterprise chains with thousands of outlets.
The company believes that large businesses need an integrated, enterprise-level solution, which addresses the consolidation, investments and rapid growth in the industry. So, Zenoti offers a host of unique assets such as integrated, custom reporting, business intelligence tools, marketing automation, inventory management, and a complete mobile solution. Mohan Kumar, Executive Director of Norwest Venture Partners, said,
Zenoti is filling a void for mid to large wellness chains by solving chronic challenges associated with rapid growth. Enterprise brands are starting to understand that Zenoti technology affords increased efficiencies and the seamless ability to protect their brand identities and customer experiences.
The company’s client portfolio includes Lakme Salons, Sothys Malaysia, 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.
Market scenario
At times when preferably early-stage deals are being backed, raising Series B and later rounds have become a bigger challenge. Some of the companies that raised Series B round recently include online bus booking platform Travelyaari, used-car marketplace Droom, healthcare platform 1mg, and NoBroker.
In Q1 2016, Indian startups have raised $1.42 billion across 307 deals, according to YourStory Research. About $97.9 million was invested in 236 pre-series A stage startups. There were 31 Series A deals worth a total of $133 million, whereas 11 Series B deals were announced worth $76 million.
