CORRECTING and REPLACING -- Motionsoft Closes $17 Million Financing
ROCKVILLE, Md., May 24, 2019 (GLOBE NEWSWIRE) -- Motionsoft, a pioneer of Software-as-a-Service for member-based organizations in the fitness and wellness markets, announced it secured a $17M round of financing. The round was funded exclusively by existing investors including Edison Partners, Route 66 Ventures, and co-founders Al and Hossein Noshirvani. The funds will be used to fuel the Company’s growth, further enhance its product offering, and extend its leadership position in the health and fitness industry.
“This new funding demonstrates continuing investor confidence in our company and the marketplace we serve,” said Motionsoft CEO, Rick Auletta. “Our focus over the coming years will be to capture a larger share of a growing world-wide market, deliver unparalleled levels of customer service, and provide our employees with a challenging and rewarding work environment. This funding will allow us to invest in the tools and resources needed to help our clients exceed their members’ expectations.”
Utilizing technology and data to understand member behavior, reduce attrition and improve profits has become an economic imperative for health and fitness operators. In an era of unprecedented growth, club operators are reevaluating their business strategies, focusing on the full life cycle profitability of a member rather than just the initial cost to acquire. Motionsoft’s proprietary member management SaaS platform is an industry leader in helping its customer Get, Know and Keep their members.
“Motionsoft has been changing the way gyms and fitness centers serve and support their members since 2004,” said Al Noshirvani Chairman and Co-founder of Motionsoft. “With the success of MoSo™ and MoSoClub™, this round of funding is well-timed to meet the growing demand of health and wellness facilities who want to take their companies—and their members—to the next level.”
To learn more about Motionsoft, please visit Motionsoft.net.
About Motionsoft Founded in 2004, Motionsoft is a pioneer in Software-as-a-Service for member-based organizations, providing software and business management services to fitness clubs, corporate fitness facilities, hospital wellness centers, and university recreation centers. Now used by more than 2900 innovative businesses and 8+ million members, Motionsoft’s software suite includes MoSo, a robust enterprise software solution designed for fitness operators who require custom software and service solutions, and MoSoClub, a cloud-based club management software solution for operators and owners in need of a leading packaged software solution.
About Edison Partners For more than 30 years, Edison Partners has been helping CEOs and their executive teams grow and scale successful companies. The firm’s investment team brings extensive investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating centers of excellence, the Edison Director Network, and executive education programs, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. A team of experts in financial technology, healthcare IT and enterprise solution sectors. Edison Partners is based in Princeton, NJ and manages more than $1.4 billion in assets throughout the eastern United States.
About Route 66 VenturesRoute 66 Ventures is a private investment firm focus on helping entrepreneurs shape the financial services landscape of tomorrow by providing venture capital and credit solutions to emerging financial technology and services companies.
Our Venture Capital team invests globally in early and growth stage disruptors, incumbents and service providers throughout various sectors in the financial services ecosystem. Our Credit team seeks to fund alternative lending platforms and business models with balance sheet needs by providing secured debt facilities and purchasing whole loans. Our goal is to be the leading global FinServ and FinTech investment firm. We are committed to making life easier for the end-user and determined to help our portfolio companies succeed.
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The previous version of this release incorrectly made reference to an investor and listed Steve McLaughlin as an advisor and investor in the company.