Vagaro, Dublin, California, has raised a new round of funding led by FTV Capital, which previously invested in the company in 2018.
Exact terms of the investment were not disclosed.
With this funding, the cloud-based business management platform for beauty, fitness and wellness businesses is valued at $1 billion, according to the announcement.
Vagaro will use the funding to focus on continued development of tools for businesses to book appointments, manage inventory, collect rent, run payroll and more, in order to be a one-stop-shop for a business owner’s IT needs.
Vagaro recently added credit card processing features in Canada, Australia and the United Kingdom and has focused its efforts on growing market share in those countries, as well as the United States. Vagaro plans to serve additional international markets in 2022.
Vagaro has helped its clients' sales grow more than 105 percent in the last year, while on average, clients are selling almost 15 percent more as compared to pre-COVID, according to the company.
During the pandemic, Vagaro not only survived but added a record number of new customers, according to the company. Vagaro pivoted from helping businesses such as fitness studios book in-person classes to enabling them to livestream more than 313,000 classes.
“We are thrilled with Vagaro’s success over the last three years, as the company has continued to capture market share by putting customers first and delivering innovative, affordable products that help business owners foster sustainable growth,” said Robert Anderson, partner at FTV Capital, a growth equity investment firm that has raised nearly $4 billion to invest in high-growth companies offering a range of solutions in enterprise technology and services, financial services, and payments and transaction processing.