Motionsoft, Rockville, MD, announced it has received $10 million in venture capital funding from private investment firm Route 66 Ventures.
Motionsoft, Rockville, MD, announced today it has received $10 million in venture capital funding from private investment firm Route 66 Ventures.
The software and payment solutions company also announced that Edison Partners will join Route 66 as a Series B co-investor. Motionsoft received a $5.5 million investment from Edison in 2010.
"In the last two years, Motionsoft has achieved milestones that have made investors extremely confident in our projections for future growth," Motionsoft CEO Al Noshirvani said in a statement. "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."
Noshirvani also said Route 66 partner Pascal Bouvier conducted Route 66's due diligence and will lead the investment.
"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."
Motionsoft clients include health clubs, corporate and hospital-based wellness centers, and universities. The company recently added Town Sports International, Equinox and Active Sports Clubs to its portfolio.