For Silicon Valley’s venture capitalists, yoga is big business.
Bessemer Venture Partners, Institutional Venture Partners and Catalyst Ventures today invested $35 million into MindBody, a Salesforce-like technology for businesses like yoga studios and hair salons.
With this sixth-round of capital, the San Luis Obispo-based startup is plotting its international expansion — it already has satellite offices in New York and the UK, with a third opening soon in Australia.
MindBody provides a suite of marketing tools, scheduling, analytics, networking and point of sale services for health, beauty and wellness providers. It has been around since 2001, and has witnessed the explosion of competition, primarily online scheduling systems like Schedulicity, SalonBooker, Appointment Plus, and Groupon Scheduler.
To strike ahead of the competition, the company has diversified its software stack. Now, it faces heat from Salesforce, SugarCRM and other major customer relationship management (CRM) systems, which also target small businesses.
MindBody claims it is the only company that can offer the full gamut of software and specifically caters to the health and wellness space– for this reason, it is experiencing impressive growth with 900 businesses signing up per month.
“Our intent is to enable and link the 2 million beauty and wellness businesses operating worldwide with the hundreds of millions of consumers who can use their services to improve their own lives,” Rick Stollmeyer, the company’s CEO (pictured above), told VentureBeat.
Bessemer Venture Partners (BVP) participated in all the previous rounds; with this funding, the company has a total of $58 million in the bank.