Zenoti, a cloud platform for the beauty and wellness industry, has announced that it has closed a $160 million Series D funding round at over a $1 billion valuation. To date, Zenoti has raised a total of approximately $250 million.
Funds will be used to continue scaling operations, support research and development and to fuel further A.I. innovations, including advanced algorithms leveraging Zenoti's enterprise system data to optimize customer employee scheduling, inventory management, marketing and dynamic pricing to enhance profitability and efficiency.Zenoti will also pursue inorganic growth opportunities.
The round was led by Advent International (Advent) through Advent Tech and Sunley House Capital, an affiliate of Advent. Tiger Global and Steadview Partners also participated in the round.
Sudheer Koneru, CEO at Zenoti said, “Zenoti remains committed to helping businesses find their greatness and achieve better business performance including higher revenues and increased operating margins, while enabling our industry to set new standards for the consumer experience. Our industry, one traditionally slow to progress technologically, is passionately embracing it in the wake of COVID-19 in order to seamlessly and safely connect with customers.
Eric Wei, a managing director on Advent’s technology team in Palo Alto said, "The wellness industry is ripe for disruption, particularly as COVID-19 has made it more important than ever to eliminate unnecessary face-to-face interactions wherever possible. We are seeing businesses embrace Zenoti’s technology to help pivot and strengthen their offering and we are impressed by the company’s growth over the last year, particularly among some of the most established brands in the industry. We are incredibly excited about Zenoti and believe the company has significant runway for growth."