As more businesses moves on-line, service industry professionals are leveraging new tools to enhance the method by which they connect with their customers. To serve those customers, Booker has raised $35 million in new financing to help small- and medium-sized companies supplying services in the offline world to deal with customer relationships online.
The Series C financing was directed by Medina Capital alongside new investors Jump Capital and Signal Peak Ventures. Existing investors Bain Capital Ventures, Revolution Enterprises, Grotech Ventures, and TDF Ventures also participated, bringing total financing to $80 million since its foundation.
The brand new funding comes as Booker looks to capitalize on the tendency of SMBs embracing on-line SaaS tools for handling their companies offline. While many rivals in the marketplace offer what Booker CEO Josh McCarter calls point solutions, his firm expects to make available an end to end solution which includes scheduling, customer relationship management, point of sale payment processing, advertising and loyalty programs, along with comprehensive analytics.
Understanding that distinct SMB verticals have unique needs, Booker has customized the solution based on the kind of company that’s signed up. While it got its beginning serving the health and wellness class, mainly around health spas and salons, over time Booker has enlarged to serve beauty, home improvement, and other professional services.
Booker’s customers typically range from $250,000 to a $1 million in revenue, according to McCarter. Pricing is dependent on the configuration and attributes each company determines to use, but generally ranges from $100 to $150 monthly.
The company’s platform has been experiencing rapid growth. This past year, Booker had more than $2 billion worth of trades processed on its stage. It is now doing more than 3 million bookings per month, and had more than $200 million transacted in the past month.
With this much growth developing, it is not surprising that Booker was also able to bring First Data as a strategic investor. While the organization is not saying anything about how the tactical nature of the investment will change its business, you can bet that having a payment processor on board could significantly lower its operating expenses.
In addition to it’s management platform, Booker additionally provides online marketing services to help companies locate new customers through on-line and mobile channels and takes a fee for making those connections. As the schedules and availability is integrated into this platform Booker can handle on-line appointments, even from third party sites.
According to McCarter, Booker can handle reservations on a service provider’s site, as well as from mobile and even apps. Additionally, it can also enable appointments directly from an SMB’s Facebook page or similar platforms.
With the most recent round of financing, Booker plans to expand its platform to cover more business verticals and to integrate with more marketing channels. By doing so, the company hopes to serve more small and medium-sized businesses and find customers on sites like Yelp, where customers are already in the market for service providers.