17 Apr 2013
SpaBooker announces US$27.5m investment
BY Kate Corney
Cloud-based spa software company SpaBooker has secured an investment of US$27.5million (£17.9m; E21m) in series B financing in a deal led by Bain Capital Ventures.
The company will use the funding to continue to refine and develop its software, which has five new releases a year, with a focus on the continued development of revenue-driving marketing tools.
SpaBooker software offers spas a range of functionalities within one system, including scheduling; point of sale; CRM, employee; inventory and membership management; marketing; loyalty programs; comprehensive reporting and integrated online booking.
"We give spas and other local service businesses the technology they need to succeed," says Josh McCarter, CEO of Booker, the company behind SpaBooker.
"Our technology helps them connect consumers with services as seamlessly as Amazon connects buyers to products. And this round of financing, along with adding Bain Capital Ventures to our team, will ensure we continue empowering our clients to grow in ways they never could before."
SpaBooker's clients include Hilton Hotels Worldwide, Six Senses Resorts, Hard Rock Hotels and Resorts, Onyx Hospitality Group, and Mélia Hotels International.
Jose Antonio Abud from Hard Rock Hotels & Resorts said: "We selected SpaBooker in 2012 after reviewing the options in the marketplace, because the software was the most robust and forward-thinking solution available. Our goal of offering spa booking through our in-room concierge became a reality using their web-based technology."
The group works with over 40,000 spa professionals from single location spas to multi-location enterprises in 73 countries.
"We've been closely tracking the adoption of SaaS (Software-as-a-Service) by SMBs. Service businesses are the backbone of our economy, and Booker's platform revolutionises the way that these businesses operate on a daily basis through providing tools that directly increase revenues and productivity, better manage data, and lower costs," says Deepak Sindwani, Partner at Bain Capital Ventures and the newest member of the Booker board of directors.
"Booker's impressive growth trajectory, team, and multi-vertical strategy were key drivers for our investment."
SpaBooker recently announced the launch of its mobile and tablet apps on Apple iOS and Android devices, enabling spa owners and their staff to manage operations anytime, from anywhere.
The company achieved triple digit revenue growth for the fourth consecutive year in 2012 and doubled its annual transaction volume to nearly $1 billion. It has also expanded its team from 65 to 200 employees to support growing demand.
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