Zenoti, a cloud-based software platform for spa and salon businesses, recently closed a $50 million Series C funding round led by Tiger Global management, with participation from Norwest Venture Partners and Accel. As part of the transaction, Tiger Global partner Scott Shleifer will join the Zenoti board of directors.
“The beauty and wellness markets are large and growing,” says Shleifer. “Zenoti is improving productivity for many salon and spa operators, and we are excited to partner with Sudheer and his team as they continue innovating.”
Zenoti plans to use the investment to expand in both existing and new territories and to continue hiring top talent. With 60 percent of its staff focused on research and development, the company will put the investment to good use by remaining focused on creating best-in-class solutions for the beauty and wellness industries, including finding ways to better engage and retain customers, improving operational efficiency, and more.
“Tiger Global’s investment in Zenoti is the validation of all the hard work the team has put in so far and the zeal to make Zenoti the backbone of the beauty and wellness industry,” says Sudheer Koneru, CEO of Zenoti. “We are pleased to be in the company of other category-defining portfolio companies in Tiger Global portfolio and thankful for the ardent support by Norwest and Accel throughout our journey. With tremendous momentum of more than 100 percent growth in the past year and on target to achieve 130 percent growth in 2019, we’re excited to be leading the transition of this industry to the cloud. We’re energized that this funding will allow us to keep technology innovation at the forefront for our industry.”
Zenoti currently serves thousands of spas and salons across 44 countries, including brands such as Massage Heights, Mario Tricoci Salon and Spas, Prose Boutiques, Waxing the City, Sono Bello, and Rudy’s Barbershops.