TPG is set to lead funding of $80 million in SaaS startup Zenoti. It is likely to be valued at $1.5 billion posts this funding as it continues to see the adoption of digitization from the beauty and salon industry in the US.

Zenoti became a unicorn in December 2020 at a $1 billion valuation. Other than TPG, some of its existing investors are also going to participate in the funding round and it may see a minor secondary share sale as well. Zenoti has already confirmed the development. It said this is an extension of its series D round and its valuation has jumped to almost $1.5 billion.

Zenoti said the new investment will expand its platform through upcoming M&A, while also providing some liquidity to its employees for their commitment and hard work to the organization. “Zenoti has created the go-to cloud-based platform for leading beauty and wellness brands looking to grow their businesses and create better experiences for their customers,” said Arun Agarwal, MD, TPG. Sudheer Koneru, CEO and Founder at Zenoti. He added the company remains “committed to helping beauty, wellness, and fitness businesses reach their full potential and set the standard for the customer experience.”