Rockville, Md.-based software startup Motionsoft closed a $10 million Series B funding round on Tuesday. The funding for Motionsoft, which makes fitness club management and billing software, was led by Route 66 Ventures out of Alexandria, along with Edison Partners, formerly known as Edison Ventures. Motionsoft's software handles scheduling, rentals, billing and all other details for fitness and health clubs.
"In the last two years Motionsoft has achieved milestones that have made investors extremely confident in our projections for future growth," said Motionsoft CEO Al Noshirvani in a statement. "Motionsoft continues to experience rapid growth and development, which will be accelerated by the Series B investment round"
Edison also invested $5.5 million in Motionsoft's Series A round back in 2010. As part of the current arrangement, Route 66 partner Pascal Bouvier will join Motionsoft's board of directors.
"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," Bouvier said in a statement. "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. We look forward to working with Motionsoft."
Motionsoft has been expanding recently, adding Town Sports International to its client list, which already includes Equinox and Active Sports Clubs.
"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 Partners," Noshirvani said. "Motionsoft will allocate a significant portion of this investment to expand sales and marketing operations."
