MINDBODY

Mindbody was originally known as HardBody SoftWare. It began as a Sole Proprietorship in 1998 by Blake Beltram, and evolved into an LLC with Co-founder Rick Stollmeyer on February 13, 2001. Beltram exited and was effectively replaced as a major partner by Bob Murphy in 2003, who was then named Co-founder. The company was later incorporated as MINDBODY, Inc. In 2005, Mindbody Online was launched.

Financing

The company received its first financing round of US$1 million in November 2005 from Tech Coast Angels and Pasadena Angels.

In August 2010, it raised $11 million from Bessemer Venture Partners and Catalyst Investors.

It received another round of funding in November 2012 of US$35 million from Bessemer Venture Partners, Institutional Venture Partners, and Catalyst Investors.

In February 2014, Mindbody received its final round of private funding in the amount of US$50 million from Bessemer Venture Partners, Institutional Venture Partners, Catalyst Investors, W Capital Partners and Montreux Equity Partners.

In June 2015, the company became a public company via an initial public offering, raising $100 million.

In February 2019, the company was acquired by Vista Equity Partners for US$1.9 billion and taken private.

On October 13, 2021, Mindbody + Vista acquired a former competitor, ClassPass, whose CEO, Fritz Lanman, came onboard as President of Mindbody. Less than a year later, Josh McCarter resigned and Fritz Lanman became the new CEO on September 3, 2022. Lanman has stated that his goal is to prepare Mindbody + ClassPass for IPO through a series of improvements and upgrades to both platforms. "We are a story of two different businesses under one umbrella, both of which are growing, both of which are profitable, setting us up for an eventual IPO," CEO Fritz Lanman said.