RepeatMD lands capital to grow its aesthetics and wellness booking business | TechCrunch

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Traditionally, the beauty and health industry – med spas, dermatologists, plastic surgeons, weight loss clinics, OBGYNS and the like – have relied on in-person consultations and temporary marketing campaigns to drive business. But the pandemic has changed the equation. Now, there is an assumption that these businesses need to be present on major digital channels.

Not every practice has the skills and knowledge to build such a presence, however – that’s where companies like RepeatMD come in. Founded in 2021, RepeatMD provides turnkey software solutions for operators in the beauty and wellness sector.

ReadMD founder and CEO Phil Sitter told TechCrunch in an email interview that “ReadMD’s buyers are small and medium-sized businesses looking to create a new revenue stream for their practice.”Our platform enables professionals to sell their treatments 24/7 and enhances the patient shopping experience through a mobile app.

Sitter, a repeat entrepreneur, ran RepeatMD profitably until the end of 2022, when the startup closed its seed. The recap from VIPInsiders was funded in part by a Houston-based food and beverage loyalty and rewards program (Sitter from Houston) and Houston-based brunch and lunch restaurant EggHaus Gourmet, which owns Restaurant Sitter.

As Sitter said, RepeatMD builds apps for beauty and wellness businesses — customers who sign up and pay monthly memberships for practice and repeat treatments. By integrating with Firm, customers can pay for services on a monthly basis if they choose.

Like many loyalty programs, RepeatMD’s apps “trigger” customers by sending them notifications with special offers. Sitter describes these as “Starbucks Rewards-style” experiences.

Repeat MD

Image Credits: Repeat MD

“The goal is to be the Shopify of the medical industry by helping medical practices sell more of their chosen procedures,” Sitter said. “We are investing in algorithmic solutions to streamline practice on-boarding and improve the patient shopping experience, making it easier for patients to find treatments that fit their goals.”

It seems like a winning strategy for RepeatMD. The company now serves more than 3,500 practices and 700,000 users, with RepeatMD’s software-as-a-service revenue up 130% last year, Sitter said.

That has dampened investor interest. Today, RepeatMD announced that it has raised $40 million in a funding round led by Centana Growth Partners and Full In Partnership with participation from Prof & Mercury Fund, along with a $10 million loan from Silicon Valley Bank. (Sitter says the loan was obtained “on good terms.”)

The new capital, which will bring RepeatMD’s total revenue to $56 million, will be used to grow the startup’s network of partners, build the RepeatMD platform and grow the company’s team from about 130 employees to more than 150 by the end of the year, Sitter said. .

“RepeatMD has seen its product accelerate significantly over the past 12-months as practices look for new ways to generate revenue,” he said. “We bring new revenue to applications and the rewards program solves patient retention.”

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