BDC Capital’s Growth and Transition Capital division has invested $2.5 million in Markham, Ontario based Book4Time in the form of Monthly Recurring Revenue (MRR) loan.
Founded in 2004 by Roger Sholanki, Book4Time markets a cloud-based business management software platform tailored to the high-end spa and wellness industry.
Book4Time intends to use new funding to accelerate its growth over the next two to three years. It will hire new staff in sales, marketing, R&D and operations to take advantage of substantial opportunities in its market, as well as to expand its Markham headquarters in order to accommodate the new hires.
photo credit: Book4Time
Book4Time secures financing of $2.5 million from BDC Capital
Toronto, January 17, 2019 (TBC) – BDC Capital’s Growth and Transition Capital division has provided growth capital in the form of an MRR loan of $2.5 million to Markham, Ontario’s Book4Time. Book4Time, founded in 2004 by Roger Sholanki, markets a cloud-based business management software platform tailored to the high-end spa and wellness industry. The company’s software, which is sold as a subscription service, is used by more than 3,000 spas in over 70 countries.
Book4Time will deploy this capital to accelerate its growth over the next two to three years. It will hire new staff in sales, marketing, R&D and operations to take advantage of substantial opportunities in its market, as well as to expand its Markham headquarters in order to accommodate the new hires.
“After considering all options, we decided to go with BDC as they really understood our business model and provided a very attractive alternative to traditional equity financing” said Roger Sholanki, Founder and CEO of Book4Time. “This round will help us accelerate our hiring, sales and deployments on a global scale.”
BDC Capital’s lead on this deal was SimonMills, Director, Growth and Transition Capital. “Book4Time has established itself as the business management solution of choice for luxury and chain spas worldwide,” says Mills. “Over the last three years, Book4Time has developed a highly scalable SaaS-based business model which is already delivering solid year-over-year revenue growth.We are confident that Roger Sholanki and his team will be able to capitalize on the many opportunities arising in the fast-growing wellness sector.”
Book4Time is a global provider of cloud-based all-in-one management solutions for spa and wellness businesses in more than 70 countries. Book4Time is the preferred solution for the world’s largest and most prestigious spa, beauty and wellness brands on a global scale, with a market reach of more than 20 million consumers, managing more than $1.5 billion in annual transaction volume. Key accounts include Four Seasons, Hyatt, Marriott,WTS, Hilton, Shangri La, Accor Hotels, Clarins, Canyon Ranch, Steiner Leisure, Equinox, SBE Hotel Group and Belmond.
Founded in 2004, Book4Time is a private Canadian company and a three-time award winner of PROFIT 500 Canada’s Fastest Growing Companies. For more information, please visit book4time.com
About BDC Capital
BDC Capital is the investment arm of BDC- Canada’s only bank devoted exclusively to entrepreneurs. With $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.