Online Booking, Payments and Business Management Platform for Salons, Spas and Fitness Businesses Expands Technology Offering to Meet Digital Demand
Vagaro, a leading cloud-based business management platform for the salon, spa and fitness industry, announced the company has raised a $63 million growth equity round, its first institutional capital, led by FTV Capital. The company will continue to invest in cloud-based, industry-specific technology to help businesses of any size optimize operations, reduce complexity and seamlessly process payments. In addition, Vagaro will expand its sales and marketing team and geographic footprint. Vagaro will benefit from FTV’s Global Partner Network®, which includes executives from the world’s leading financial services and payments companies, and the firm’s experience in scaling high growth companies that operate in specialty industry verticals. As part of the transaction, FTV Capital partner Robert Anderson, and FTV Capital managing partner Richard Garman will join the Vagaro board of directors.
@Vagaro Raises $63 Million in #GrowthEquity Led by @FTVCapital
Vagaro’s platform successfully meets the needs of a digital-first, productivity-focused millennial generation by providing salon, spa and fitness business owners with a powerful and comprehensive suite of back-office and consumer-facing business management software solutions, including appointment booking, calendaring, client management, marketing, reporting, payroll, inventory management and payment acceptance.
Most recently, Vagaro added a form builder to collect registrations, waivers and surveys to its highly customizable platform, leaving the company uniquely positioned to aggressively compete in the fitness management software segment. The company also added a competitively priced multi-transaction EMV reader to its point-of-sales solutions, making EMV payment processing even faster and more convenient for U.S. business owners.
In addition to automating and streamlining business processes, Vagaro connects businesses to consumers who are searching for spa, salon and fitness services via Vagaro.com, an online marketplace, and via the easy-to-use Vagaro booking app.
“I feel privileged to have led Vagaro’s talented team for the past 10 years. Our company has completely transformed — moving from delivering industry-changing salon software technology to offering a full suite of industry-specific business management solutions coupled with a powerful online marketplace,” said Vagaro founder and CEO Fred Helou. “Vagaro’s partnership with FTV Capital opens up exciting new possibilities for us, including the expansion to additional international markets, and will usher in a new chapter in the company’s growth story. Thanks to our compelling price point and newer technology, we are perfectly positioned to compete against slow-moving, more traditional industry players.”
“We are energized by our new partnership with FTV Capital, a firm that has helped many high growth companies, like Vagaro, build on their success to best meet customer needs,” said Kerry Melchior, Vagaro’s chief of operations. “Our near-term plans include expanding the range of payment solutions and digital functionality for our clients, while continuing to deliver the highest quality, easiest to use solutions with superior customer service.”
“Vagaro’s innovative and integrated product suite makes it easy for businesses to run all aspects of their operation from attracting and retaining customers to managing day-to-day activities to accepting payments,” said FTV partner Robert Anderson. “The Vagaro team is well-positioned to continue to capitalize on secular growth trends across the more than $9 billion global health and wellness market, and we are excited to provide the capital and strategic support for this next phase of growth.”