Saturday, April 13, 2024 Apr 13, 2024
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Dallas-based Island Raises $100 Million, Ups Valuation to $1.5 Billion

Plus: Pickleball Kingdom to open 20 new locations in DFW; MY SALON Suites acquires six new stores; and more.
Mike Fey and Dan Amiga, co-founders of Island Island

Dallas-based cybersecurity firm Island, which has developed the world’s first enterprise browser, has raised $100 million in its Series C financing round. The round was led by Prysm Capital and joined by Canapi Ventures and Island’s current funding partners Insight Partners, Stripes, Sequoia, Cyberstarts, and Georgian. This latest funding round brings Island’s total outside investment to over $325 million, increasing Island’s value to $1.5 billion—up from a March 2022 valuation of $1.3 billion.

“We are honored that these amazing new investors, as well as our current investors, have the confidence to join and support us on the next phase of our company journey,” said Mike Fey, Island CEO and co-founder. “This capital infusion will accelerate our ability to scale globally and continue to aggressively invest in R&D, customer success, and geographic expansion to cover the major global buying centers. We are incredibly proud and humbled by our success to date and look forward to driving growth together with our new partners.”

Island has sold more than 2 million browsers to customers in all major verticals and segments and has multiple customers ranking in the top 20 of the Fortune 100. The Island Enterprise Browser is solving the many challenges customers face including securing BYOD, work-from-anywhere patterns, and contractor access. In addition to security, Island’s products also help customers boost workforce productivity and improve user experience. 

“There is immense market potential across industries for innovating ways in which employees work securely and productively. Island has demonstrated both product superiority and success in establishing and expanding solutions for many of the largest companies in the world. We could not be more thrilled to be supporting their journey,” said Jay Park, co-founder and managing partner, of Prysm Capital.

Pickleball Kingdom to Open 20 Locations in North Texas

Pickleball Kingdom will be increasing its national footprint to more than 80 locations with the addition of 20 new DFW pickleball venues.

“The decision to expand from our original plan of opening five indoor clubs to now establishing 20 clubs underscores our unwavering commitment to promoting pickleball in DFW. Pickleball Kingdom is and will continue to be the dominant brand of pickleball in Texas and beyond,” Pickleball Kingdom CEO, Ace Rodrigues said.

Each new Pickleball Kingdom location will feature state-of-the-art indoor courts, professional coaching programs, a pro shop stocked with the latest pickleball gear, and a lounge area for socializing.

Dallas-based Salon Franchise Makes Another Acquisition

Propelled Brands company MY SALON Suite acquired six Cirque Salon Studios in Charleston, South Carolina, marking the second major acquisition in less than two months, following the recent acquisition of six salons in Reno, Nevada. As the brand surpasses 300 locations, MY SALON Suite’s growth strategy continues with the acquisitions of 12 independent salons so far this year, by targeting acquisitions in corporate markets and franchisee conversions.

“MY SALON Suite’s acquisition of Cirque Salon Studio’s Charleston locations represents a significant opportunity for the advancement of our salons, both for our beauty professionals and their loyal customers,” said David Manzi, founder of Cirque Salon Studios. “Cirque Salon Studios has grown tremendously since our inception, and entrusting the future of these six locations to MY SALON Suite aligns perfectly with the salons’ continued development. I’m thrilled the MY SALON Suite team will implement its exceptional resources and expansive network to continue the success of the Charleston-area locations.”

The salon company now has a presence 35 states across the United States and Canada, with 165 franchisees and more than 8,500 Suite Elite Members. 

“MY SALON Suite has seen tremendous franchise growth throughout 2023, and expanding our corporate presence is the logical next step in facilitating continued development,” said Mark Jameson, chief development officer of MY SALON Suite parent company, Propelled Brands. “The addition of these outstanding salons to our portfolio underscores the strength of our network and resources. Continued acquisitions and conversions will be instrumental for both franchise and corporate locations, with corporate development allowing us to build a blueprint of the process for franchisees to capitalize on, ultimately amplifying our growth potential.”

Launch Entertainment Brings Three Locations to DFW

Launch Entertainment—a family entertainment and trampoline park franchise—expands its reach in The Lone Star State recently signing a multi-unit agreement to bring three new parks to Frisco, McKinney, and Prosper. The first location is projected to open in the summer of 2024. Site selection is also currently underway in Lewisville and Houston.  

The investment for the upcoming North Dallas locations alone exceeds $10 million. Launch has 30 locations across the country.

Hemanth Kumar President of Zion Capital Management, along with local partners Eesha Kumar, Karthik Krishnamoorthy, and Daiva Polimetla, leads the investment group for the upcoming North Dallas locations. The brand is seeking franchise partnerships with investors wanting to diversify their portfolio through its multi-revenue stream business model.

“As Launch Entertainment continues nationwide expansion, we are thrilled to partner with a strong group of operators like Hemanth, Eesha, Karthik, and Daiva,” said Jeff Todd, SVP of business development at Launch Entertainment. “We are actively seeking experienced franchise prospects, like this group, to drive our development in multiple states across the country, and we have full confidence that they will provide an exceptional family-friendly experience to all in North Dallas.”


Mianda Mulumba

Mianda Mulumba

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