WELLNESSLIVING SECURES $66 MILLION USD TO SCALE OPERATIONS MANAGEMENT SOFTWARE FOR WELLNESS CENTRES
Thornhill-based business operations software provider WellnessLiving has secured a cumulative $66 million USD in new capital, including a $46 million investment round and $20 million in growth financing from CIBC Innovation Banking.
The $46 million came from lead investor McCarthy Capital, as well as contributions from Globalive Capital, INcapital Ventures, Halpern & Co, and other angel investors.
Joining WellnessLiving’s board of directors as part of the financing include Chase Meyer and Thomas Sudyka of McCarthy Capital; Brice Scheschuk, managing partner at Globalive Capital; and Dan Houghton, Buildertrend’s CEO.
Founded in 2013 by Len Fridman and Sasha Davids, Wellness Living’s member management software provides businesses with an integrated payments platform and allows operators to schedule classes and appointments, manage staff, process payments, and engage with their members.
The SaaS startup claims a global client base of over 5,000 yoga, fitness, health, and wellness businesses. This includes global women’s fitness franchise Curves, as well as Yoga Ascension, Fred Astaire Dance Studios, Hi-Ignition Fit Lab, and the Atascocita School of Music.
In 2018, WellnessLiving received $2.4 million from BDC Capital’s Growth & Transition Capital. Crunchbase data reports that WellnessLiving also raised $1.6 million in 2013.
This latest round of financing, according to WellnessLiving, will help in accelerating the company’s international expansion efforts, ongoing product development, and building “robust features for franchises and multi-location enterprises.”
WellnessLiving currently operates in international markets, with clients in North America, Europe, Australia and New Zealand.
Additionally, WellnessLiving said its latest injection of capital will support the company in adding to its existing partnerships and pursue “accretive acquisitions as the customer base expands.”
Fridman said that this funding round was raised amid a “great inflection point for WellnessLiving” as the CEO claims the company continues to add new customers at record-breaking levels.
He added that WellnessLiving picked McCarthy Capital to lead the raise after meeting with a number of institutional investors because the firm demonstrates “a deep understanding” of the space that WellnessLiving operates in, and has an “exemplary track record of supporting high growth companies.”
WellnessLiving currently represents the only Canadian company in McCarthy Capital’s portfolio. In recent weeks, McCarthy Capital has also invested in Omaha, Nebraska communications platform Workshop as part of its $5.2 million seed round.
McCarthy Capital’s other portfolio companies include Docufree, Kinsta, App Academy, Rently, Smartlink, and Triage Staffing.
WellnessLiving seems to be an amazing startup with immense capability to grow. I wish them noithing nut success in the future.Shishir Gupta CEO & Founder Startuplanes
Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds
here: Yes I want to raise funds.
If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.
You can subscribe to our news posts by entering your email in the box on the right side of this page.
Check out our YouTube channel for insightful content from the Indian startup ecosystem.
Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.
The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.
Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.