New funding: Zenoti simply reeled in $80 million to develop its enterprise software program product utilized by greater than 12,000 spas, salons, and different wellness companies throughout 50 international locations. The funding comes on the heels of a $160 million Collection D spherical raised in December that pushed its valuation previous $1 billion and thrusted Zenoti into Seattle’s elite unicorn membership. TPG Capital made the most recent funding, which is an extension of the Collection D spherical. Whole funding is $330 million up to now; Zenoti’s valuation is now close to $1.5 billion.
The tech: Chains reminiscent of European Wax Middle, Hand & Stone, Therapeutic massage Heights, Toni&Man, Gene Juarez, and others use Zenoti’s software program for every thing from scheduling to funds to stock. The corporate makes cash by charging a subscription charge per retailer; it additionally has a fast-growing funds arm. Income doubled in 2020 and is predicted to develop 120% in 2021. It has plans to develop to pet grooming and health.
Firm background: Former Microsoft supervisor Sudheer Koneru had invested in a series of well being golf equipment, spas and salons in India. That uncovered him to the outdated back-end programs used to assist preserve the companies working. Koneru then teamed up along with his brother, Dheeraj Koneru, one other longtime tech trade chief and former Microsoftie. The pair offered their stakes within the spa and salon firm and launched Zenoti, betting on a a lot bigger alternative.
GeekWire Awards: Zenoti is recent off its Subsequent Tech Titan class win on the GeekWire Awards final month. Previous winners embody Rover, Convoy, BitTitan, Smartsheet, and Outreach, which received final 12 months and simply raised a $200 million spherical.
“We’re within the enterprise of serving to the wonder trade and the wellness trade,” Sudheer Koneru stated throughout his acceptance speech. “We expect it is a stunning trade as a result of it helps folks really feel good, it’s not nearly wanting good. We love the area and trade and we expect it serves an enormous goal in folks’s lives.”