Tech Coast Angels makes successful exit from investment in MindBody
IRVINE, Calif. – Tech Coast Angels (TCA), one of the largest and most organized angel networks in the United States, today announced some of its members realized a successful exit of their investment in MindBody, a leading cloud-based business management software and payments platform for the wellness services industry.
TCA Members invested in MindBody in 2005. The company filed for Initial Private Offering (IPO) in May 2015 and its shares were listed on NASDAQ in June 2015. TCA members who invested in MindBody in 2005 realized a 42X return at IPO.
MindBody reported $24.8 million in quarterly revenue (a 49% increase from last year) in its first earnings call as a public company on August 5, 2015.
Commenting on the exit, TCA chairman Michael Green said, “While it is our mission for TCA members to provide capital and create opportunities for startups, and help these companies grow into successful market leaders, it is always a thrill when our members achieve great return on their investments, as in the case of MindBody.”
About TCA: Tech Coast Angels is one of the largest angel investment groups in the US. The group comprises over 300 angels with experience in almost every industry (not just technology) in five networks that encompass Southern California (Los Angeles, Orange County, San Diego, Santa Barbara/Westlake and Inland Empire). TCA is the leader in providing funding, guidance, mentorship and leadership experience to early-stage, high-growth, exciting companies in Southern California. In 2014, TCA invested record numbers (over $16 million in 61 deals), and CB Insights ranked TCA ahead of all other angel groups as the strongest network in the country.
Since 1997, Tech Coast Angels have invested over $169 million in more than 275 companies and have helped attract more than $1.5 billion in additional capital/follow-on rounds, mostly from venture capital firms. These investments were in a wide range of industries including biotech, consumer products, social/mobile, IT, life sciences, media, software, environmental, and tech startups. For more information, please visit www.techcoastangels.com.