With an eye on further growth, MindBody, a San Luis Obispo-based company providing online business management software for clients in the beauty, health and wellness industries, has raised $50 million from a group of current and new investors.
The financing from investors Bessemer Venture Partners, Institutional Venture Partners, Catalyst Investors, W Capital Partners and Montreux Equity Partners are helping to fund the companys global expansion and development of web and mobile products.
More than 500,000 practitioners and 33,000 businesses in 92 countries use MindBodys mobile-enabled SaaS (Software as a Service) platform, said Rick Stollmeyer, MindBodys chief executive officer and co-founder. The platform allows businesses to manage their operations within a single system, including web scheduling, automated marketing and point-of-sale payment processing.
In a company statement released Thursday, several investors noted that MindBody is poised for continued growth and strong financial performance.
The company declined to disclose information about the companys recent financial performance, saying only that it has grown 60 percent annually in the last several years. A previously published Tribune article said the company projected 2012 revenues of $33 million.
Since our first funding round with MindBody in 2009, the company has exceeded expectations in market penetration and growth year after year, said Tyler Newton, a partner at Catalyst Investors, MindBodys largest institutional shareholder. MindBodys success comes from its dedication to a continuously evolving product as well as a genuine commitment to the success of the many businesses that use its software.
The latest round of funding is on top of the $35 million it raised in 2012 in a partnership with Institutional Venture Partners, Catalyst and Bessemer Venture Partners.
MindBody employs 820 people worldwide, with more than 650 of those employees based in San Luis Obispo. Its plans for local expansion include a new, two-story office building and four-level parking structure on the south side of Tank Farm Road.