[Funding alert] Zenoti enters unicorn club with $160M Series D investment led by Advent International
, the Hyderabad and Bellevue-based enterprise cloud platform for the beauty and wellness industry, announced that it had raised a $160 million Series D funding round at over a $1 billion valuation.
The round was led by the global private equity investor Advent International, through Advent Tech and Sunley House Capital, an affiliate of Advent. Tiger Global and Steadview Partners also participated in the round.
To date, Zenoti has raised a total of approximately $250 million.
Powering more than 12,000 businesses in over 50 countries, Zenoti will use the capital to continue scaling operations, support research and development, and to fuel further AI innovations, including advanced algorithms leveraging Zenoti's rich enterprise system data to optimise customer employee scheduling, inventory management, marketing, and dynamic pricing to enhance profitability and efficiency.
The company added that it would also pursue inorganic growth opportunities.
Zenoti has a team of 550 employees across nine offices in the US, India, UK, UAE, Malaysia, Philippines, and Australia
New standards for consumer experience
Sudheer Koneru, Co-founder and CEO at Zenoti, said: “Zenoti remains committed to helping businesses find their greatness and achieve better business performance, including higher revenues and increased operating margins, while enabling our industry to set new standards for the consumer experience.”
Founded in 2010, Zenoti claims to be the leading software of choice for salon and spa chains, with 100 percent year-on-year growth in 2020. The company’s touchless and mobile solutions serve all aspects of consumer engagement, allowing for easy appointment scheduling, self-check-ins, automatic payments and more.
The startup supports a portfolio of global brands, including European Wax Center, Hand & Stone, Massage Heights, Rush Hair & Beauty, Sono Bello, Hair Cuttery, Profile by Sanford and, most recently, Toni&Guy.
"We are seeing businesses embrace Zenoti’s technology to help pivot and strengthen their offering, and we are impressed by the company’s growth over the last year, particularly among some of the most established brands in the industry,” said Eric Wei, a Managing Director on Advent’s technology team in Palo Alto.
This investment marks Advent’s seventh growth equity investment this year. The firm also has significant investment experience in the beauty and personal care industry, most recently with its acquisition of Olaplex, a professional hair care brand.