Zenoti Software, the leading cloud-based platform for the spa, salon and med spa industry secured $20 million in funding from Steadview Capital.
On the heels of its recent $50 million Series C round, Zenoti intends this additional funding to expand the company’s presence in the U.K. and bolster its global marketing efforts.
The company has previously raised capital from Tiger Global, Accel, and Avataar investment firms. Additionally, the company announced that it has hired Guy Weismantel, a SaaS platform and technology industry veteran, to serve as Senior Vice President of Marketing.
“Zenoti is realizing our vision of service entrepreneurs, addressing the most common pain points for business owners in the fast growing beauty and wellness industry with a cloud-based platform that is miles ahead of the competition and driving rapid growth,” said Ravi Mehta, Founder and Managing Director of Steadview Capital. “We are excited to support Zenoti on its fast track to global expansion as it continues to raise the bar for customer service in spas and salons around the world.”
This funding coincides with the recent signing of Hand & Stone Massage and Facial Spa, as Zenoti is now committed to powering business operations across the chain’s more than 400 stores in the US and Canada. Hand & Stone, along with existing clients, can expect Zenoti to continue to deliver an industry leading solution with new innovations as the funding gets allocated.
“Steadview has a keen eye for SaaS opportunities, and we couldn’t ask for a better partner to help us cement our leadership position and rapid growth in the industry,” said Sudheer Koneru, CEO of Zenoti. “With more than $91 million raised to date, Zenoti is poised to accelerate the adoption of our proven platform on a global scale, and continue to drive exceptional growth through a variety of strategies including innovation, expansion and acquisition.”
The addition of Weismantel bolsters the executive management team at a time where the company continues to expand its client base, product innovation, and market penetration. Weismantel joins Zenoti to build the company’s marketing organization after serving in executive and C-level marketing roles with fast growing startups Pushpay and Marchex. He also held senior positions with Microsoft and Expedia earlier in his career. He’s a graduate of the University of Notre Dame, as well as the Kellogg School of Management at Northwestern University.