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IVP, Catalyst, Bessemer ink $35m round for Mindbody

1 Nov 2012

Mindbody, a provider of online business management software to the beauty, health and wellness industry, has completed a $35 m investment round led by Institutional Venture Partners (IVP).

The company’s existing investors, Catalyst Investors and Bessemer Venture Partners also participated in the latest investment.

The capital raised will be used to accelerate its international expansion and ongoing product development, it said.

“After meeting with dozens of outstanding institutional investors, we selected IVP for their thorough knowledge of our space, understanding of our vision, cultural fit with our team, and exemplary track record supporting later-stage, high growth companies,” said Rick Stollmeyer, company co-founder and CEO. “Norm Fogelsong and the IVP team are a valuable addition to our Board. We are particularly pleased that BVP and Catalyst are also participating in the round, indicating their continued high confidence in our growth plans.”

Mindbody has been one of the fastest growing SaaS providers in the beauty, health, and wellness markets, due in large part to its development of mobile apps and third-party integrations. Founded in 2001, the company’s investors include the Pasadena Angels & Tech Coast Angels.

IVP investments include companies such as ArcSight, Buddy Media, ComScore, Concur Technologies, Dropbox, HomeAway, Juniper Networks, Kayak, LegalZoom, LifeLock, LivingSocial, Marketo, MySQL, Netflix, Polycom, Seagate, Shazam, Synchronoss, Tivo, Twitter, and Zynga.

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