NEW YORK ( TheStreet) -- GramercyOne, which provides online booking and business management software for companies, announced on Tuesday it has raised $14.5 million in its first round of venture funding.

The New York-based start-up sells software to local businesses, like spas and beauty salons, as well as large companies including Hilton and W Hotels, that allows consumers to schedule and pay for appointments online.

While a substantial portion of GramercyOne's clients are spas and health facilities -- the company last year spun out of spa management software maker SpaBooker -- it's starting to expand into other verticals like bookings for doctor's offices and recreational activities.

The company is trying to become the equivalent of restaurant booking platform OpenTable ( OPEN) for service companies, Chief Operating Officer Daniel Lizio-Katzen told TheStreet.

"Just like how OpenTable lets you book a table for two for dinner in Midtown, we let you search for a hot stone massage in Midtown," he said.

As opposed to most other booking systems which use traditional software and require an up-front fee, GramercyOne has a software-as-a-service (SaaS) model in which clients pay on a monthly basis.

Pricing starts at $25 per month for the most basic product and goes up to $1,000 for larger customers.

The company, which has just over 60 employees, has seen significant growth in the last year.

It expects to process $420 million in transactions this year, up from $190 million in 2010. In 2012, it's forecast to hit $1 billion.

Venture firm Revolution Ventures led the funding round, along with GroTech Ventures, TDF, and Jubilee Investments.

-- Written by Olivia Oran in New York.

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