Zenoti, a cloud-based software for beauty, wellness, and fitness industries, received an additional $80 million investment less than six months after its Series D funding round. The Bellevue-based company is one of only 10 privately-held startups that are valued at over $1 billion in the Seattle area. It reached unicorn status after raising $160 million in December.
According to a company press release, Zenoti’s valuation has increased to almost $1.5 billion.
The investment comes from TPG Capital, a global private investment firm that has previously invested in leading technology companies such as Airbnb and Uber. Zenoti plans to use $200 million for mergers and acquisitions, continuing its success after achieving 100 percent year-over-year growth in 2020.
“As consumers across the globe continue to prioritize self-care, we believe the company is well-positioned for strong growth,” said Arun Agarwal, managing director at TPG, in a statement.
Founded by brothers Sudheer and Dheeraj Koneru after working in the beauty and wellness industry, Zenoti is a mobile management system that includes customer experience, employee management, built-in marketing programs, and more. The software’s innovative solutions are recognized by thousands of salon and spa businesses: more than 12,000 businesses in over 50 countries use the platform. Zenoti also has recently expanded into the fitness industry.