MindBody Raises $50M

In one of the largest rounds for a Central Coast company in recent years--and the largest venture investment in San Luis Obispo ever--cloud software maker MindBody has raised $50M in a funding round. The company--which develops software-as-a-service which helps local businesses manage scheduling, staff management, point of sale, ecommerce, marketing, and more--said the funding came from Bessemer Venture Partners, Institutional Venture Partners, Catalyst Investors, W Capital Partners and Montreux Equity Partners. The company, led by Rick Stollmeyer, says it now has over 33,000 businesses using its service. Mindbody first raised funding back in 2009, when it gained backing from the Tech Coast Angels, Pasadena Angels, and other local angels. Mindbody's software is used by spas, beauty salons, and other similar local businesses. More information »