Motionsoft said Tuesday that it has raised $10 million in Series B funding. Route 66 Ventures led the round with participation from previous backer Edison Partners. Motionsoft is a health club management solutions provider.
Alexandria, VA (PRWEB) July 15, 2014
Route 66 Ventures, LLC, announced a $10 million investment in Motionsoft, a leading provider of Software-as-a-Service (SaaS) and payment solutions in the health and wellness industry. Route 66 Ventures, a private investment firm that provides venture capital and private equity to high-growth companies, will lead this Series B round of investment in Motionsoft. In addition, Motionsoft’s Series A investor, Edison Partners, will join Route 66 as a Series B co-investor.
“In the last two years Motionsoft has achieved milestones that have made investors extremely confident in our projections for future growth. Motionsoft continues to experience rapid growth and development, which will be accelerated by the Series B investment round. We believe that the investment theses of both firms perfectly complement our value proposition, and we could not be happier that the investment will be spearheaded by our experienced partners at Route 66 and Edison Ventures,” said Al Noshirvani, CEO of Motionsoft. “Motionsoft will allocate a significant portion of this investment to expand sales and marketing operations.”
Motionsoft CEO Al Noshirvani added, “We are also thrilled to have Route 66 partner Pascal Bouvier onboard at Motionsoft. His combined expertise as a veteran technologist and growth investor make him uniquely qualified to advise our successful growth and expansion.” Bouvier, who brings more than 20 years of experience in investment banking in Europe and the U.S., and in operating emerging high-growth technology and consumer-facing companies, conducted Route 66’s due diligence and will lead the investment.
Pascal Bouvier commented that, “Motionsoft’s healthy, triple-digit growth is built on successful customer retention and a recurring revenue model, making the company an impressive addition to our portfolio. Route 66 is extremely confident in Motionsoft’s current operations and leadership, as well as their growth potential in both the software and payments space. With the strategic counsel, growth experience, and value-added resources of Route 66, the partners at Route 66 and the executives at Motionsoft agree that this venture will be instrumental in maximizing Motionsoft’s revenue, growth and development. We look forward to working with Motionsoft.”
Motionsoft’s core club management, payment services and marketing software automate membership retention and recruitment while providing strategic insights to fuel business growth. Clients include health clubs, corporate and hospital-based wellness centers, and universities. Motionsoft has recently added some of the fitness industry’s preeminent operators including Town Sports International, Equinox and Active Sports Clubs.
Motionsoft’s cloud-based software and financial services redefine health club management, enabling fitness operators to get, know, and keep their members better with our long-term member and facility management tools as well as our payment technologies. The health and wellness software pioneer services commercial gyms, corporations, universities, hospitals, and hotels. Connect with us at http://www.motionsoft.net.
About Route 66 Ventures
We focus on high-growth opportunities at all stages of a company’s life cycle. We are interested in the various sectors of the financial services industry and also consider opportunities outside financial services, including project finance, structured finance, and real estate investments, when an especially compelling value proposition exists Visit us online at http://www.route66ventures.com.
About Edison Ventures
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison’s investment professionals are based in Lawrenceville, NJ, Needham, MA, New York, NY, McLean, VA and Cleveland, OH. Industry specialties include interactive marketing, internet & ecommerce, financial technology, healthcare IT, cloud-based software applications. Edison’s successes include Best Software, E-Transport, Gain Capital, Neat, Princeton Financial, Tangoe, Virtual Edge, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison Ventures currently manages over $650 million and is actively making new investments. For more information on Edison Ventures, please visit http://www.edisonventures.com and follow us on Twitter @edisonventure.