January 28, 2023
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Mindbody investment tops $60M


San Luis Obispo-based Mindbody raised $35 million in a new venture capital round on Nov. 1, bringing its total raised to date to more than $60 million.

The company makes online software for the owners of health and wellness businesses such as yoga studios and fitness centers. After compiling what it says is the largest database of those businesses in the country, Mindbody has put forth ambitious plans to connect consumers, businesses and insurers to those companies as national attention focuses on preventative health care.

Mindbody has built up a workforce of several hundred employees on the Central Coast, with plans to build a new headquarters that would employ as many as 1,000 workers, CEO Rick Stollmeyer has told the Business Times.

“[Software as a service] is a game of scale, which is why we’ve been so aggressive,” Stollmeyer told the Business Times in 2011, when the company had just closed a $9 million investment round. “Our ability to provide this very powerful software at a very reasonable price is amplified with every 1,000 customers we add.”

The $35 million investment round was led by Institutional Venture Partners, Mindbody said in a press statement. Mindbody also said that its existing investors, Catalyst Investors and Bessemer Venture Partners, took part in the round as well.

Mindbody said the capital will be used to ramp up its international expansion and fuel product development. The company said it has more than 21,000 customers in 80 countries.