By Eric Liaw, IVP General Partner and Norm Fogelsong, IVP General Partner
Today, MINDBODY (Nasdaq: MB), the world’s leading online wellness services marketplace raised $100 million in its initial public offering to further the company’s mission of using technology to improve the wellness of the world. Dating back to IVP’s founding in 1980, MINDBODY is the 102nd company in the IVP portfolio to go public and we are excited to continue our partnership in the next phase of their growth.
IVP led a private financing round in MINDBODY in November 2012. At the time, MINDBODY was already executing quite well against their vision. It has been our privilege to work with the company over the 2.5 years and we have found that many of the reasons that originally led us to partner with MINDBODY have only become stronger:
- MINDBODY has created a powerful marketplace that benefits all stakeholders: Since its founding 15 years ago, MINDBODY has grown to serve nearly 43,000 subscriber customers that rely on MINDBODY’s SaaS platform to more efficiently manage their businesses. As a result, over 250,000 practitioners who at yoga studios, fitness clubs, spas and salons are able to dedicate more of their time and attention to what they love – working with their clients. On the consumer side, nearly 24 million people actively use MINDBODY to discover, book, pay for and review services, leading to a truly virtuous (and healthy) cycle. Finally, the information that MINDBODY has aggregated across both wellness providers and consumers has enabled the development of an API platform that is already being used by over 600 partners to build their own businesses.
- MINDBODY is led by an incredibly passionate and talented management team: The MINDBODY story is truly a testament to the vision of the company’s co-founders, Rick Stollmeyer and Bob Murphy. Under their leadership, MINDBODY has grown literally from a garage in San Luis Obispo, CA to an organization serving customers in 124 countries and territories. Together with a seasoned management team, MINDBODY has created rewarding career opportunities for over 1,000 employees while consistently being named a top place to work. The culture of this talented group of people is truly inspiring.
- MINDBODY continues to grow as it attacks a huge market: MINDBODY’s platform enabled the company to generate $77 million in trailing twelve month revenue. While this number is impressive, with over 4.2 million wellness businesses worldwide, MINDBODY is still in the early days of achieving its mission. MINDBODY’s SaaS platform continues to expand to reach more practitioners and consumers across disciplines and geographies.
To the entire MINDBODY team, we congratulate and salute you on the milestone of becoming a public company but more importantly on the journey to reach this point. We look forward to the next step together. Namaste!