Biz Buzz: SLO-based Mindbody gets $14 million infusion

September 6, 2010 

San Luis Obispo’s Mindbody Inc. has gotten a $14 million boost from Silicon Valley investor Bessemer Venture Partners.

Founded in 2001 by entrepreneur Rick Stollmeyer — who was honored last year as the Central California Small Business Person of the Year — Mindbody Inc. is an online management company for businesses offering personal services, including yoga, wellness, beauty salons, spas and fitness and healing arts practitioners.

Stollmeyer could not be reached for comment.

The new capital is to be used to expand the firm’s business overseas, according to its website.

Those plans include increasing sales, marketing and support in the company’s New York, United Kingdom, European and Australian offices, according to Robert Murphy, partner and chief of sales and marketing.

He said he expects that effort to help the company grow another 60 percent in the coming year.

Mindbody was named the 21st fastest-growing software company on Inc. magazine’s First 5,000 list in 2009 and is ranked No. 799 by Inc. in growth overall this year, with a 378 percent three-year growth and $8.2 million in revenue.

— Melanie Cleveland

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