Mind over money – San Luis Obispo software firm scores big investment
San Luis Obispo-based firm Mindbody has landed a $5.6 million private equity investment, closing one of the biggest Central Coast technology deals in years.
The company makes Web-based software for personal service businesses such as yoga instructors and day spas. Mindbody secured its cash at a time when funding for technology companies remains at its lowest level in years.
Rick Stollmeyer, founder and chief executive of Mindbody, said the company was profitable and expanding before the investment. Its revenue rocketed 74 percent between 2007 and 2008, jumping from $3.5 million to $6.1 million.
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