MindBody Inc., a San Luis Obispo, California-based provider of software for health and wellness organizations, has secured $11m of a $14m funding round.
Investor include Bessemer Venture Partners and Catalyst Investors, which provided $5.6m in March 2009.
In conjunction with the funding, Jeremy Levine, a partner with Bessemer Venture Partners (BVP), joins MindBody’s board of directors.
In addition to this $11m tranch, the private equity investment includes a $3m portion that may be exercised at any time within the next 36 months.
MindBody, which provides its cloud-based Software as a Service (SaaS) to the wellness industry including fitness, yoga, Pilates, salons, spas and martial arts businesses, will use the proceeds from the investment to further accelerate the pace of product development.
The funds will also be used to expand the company’s global reach. As stated by Robert Murphy, partner and Chief Sales and Marketing Officer, MindBody is planning to increase sales, marketing and support capabilities around the world, “with expanded presence in our New York, UK, EU and Australian offices”.
The company serves nearly 10,000 clients in 62 countries and maintains offices in New York and the United Kingdom.