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.
Featured image from WellnessLiving’s website.
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