Bellevue- and Hyderabad-based SaaS startup Zenoti has secured an additional $80 million as part of its Series D funding round led by TPG, a global alternative asset firm that has invested in leading technology companies such as Airbnb, Kajabi, Toast, and Uber, per a company statement.
Zenoti, which makes software for spas and salon chains, has attained a valuation of $1.5 billion in the latest round.
The funding comes after the company raised $160 million in its Series D round led by private equity firm Advent International, through Advent Tech and affiliate Sunley House Capital, at a valuation of more than $1 billion, in December last year.
The funds raised will enable the company to continue to expand its platform through M&As, while also providing some liquidity to its employees for their commitment and hard work to the organisation over the last decade, it said in a statement.
Founded in 2010, Zenoti provides an all-in-one, cloud-based software solution for the beauty, wellness, and fitness industries. It allows users to manage every aspect of the business from online appointment bookings, POS, CRM, employee management to inventory management, built-in marketing programmes and more.
The company recorded 100% year-on-year growth in 2020. It works with global brands including European Wax Centre, Hand & Stone, Massage Heights, Rush Hair & Beauty, Sono Bello, HairCuttery, and Toni&Guy, among others.
The company recently expanded into the fitness industry through partnerships with CorePower Yoga and other fitness leaders.