Historically, the aesthetics and wellness business — med spas, dermatologists, plastic surgeons, weight reduction clinics, OBGYNS and so forth — have leaned on in-person consultations and advert hoc advertising campaigns to drive enterprise. However the pandemic modified the equation. Now, there’s an expectation that these companies have a presence on main digital channels.
Not each observe has the abilities and experience to construct out such presences, nonetheless — which is the place firms like RepeatMD are available in. Based in 2021, RepeatMD supplies turnkey software program options to operators within the aesthetics and wellness sector.
“RepeatMD’s buyers are small- and medium-sized businesses who want to generate a new revenue stream for their practice,” Phil Sitter, ReadMD’s founder and CEO, advised TechCrunch in an e mail interview. “Our platform allows practitioners to sell their treatments around the clock and enhances the patient buying experience through a mobile app.”
Sitter, a repeat entrepreneur, bootstrapped RepeatMD profitably till late 2022, when the startup closed its seed spherical. He funded Repeat partially with the proceeds from VIPinsiders, a Houston-based meals and beverage loyalty and rewards program (Sitter originates from Houston), and a restaurant Sitter owns, the Houston-based brunch and lunch restaurant EggHaus Connoisseur.
As Sitter alluded to, RepeatMD builds apps for aesthetics and wellness companies — apps that permit prospects enroll and pay for month-to-month memberships to practices and recurring therapies. By way of an integration with Affirm, prospects pays for providers in month-to-month installments in the event that they so select.
Like many loyalty packages, RepeatMD’s apps additionally “nudge” prospects by sending them notifications with low cost presents. Sitter describes these as “Starbucks Rewards-style” experiences.
Picture Credit: RepeatMD
“The aim is to be the Shopify of the medical industry, helping medical practices sell more of their elective based procedures,” Sitter stated. “We’re investing in algorithmic solutions to streamline the practice onboarding process and enhance the patient buying experience, making it easier for patients to discover treatments that fit their goals.”
It seems to be a profitable technique for RepeatMD. The corporate claims to now service over 3,500 practices and 700,000 customers, and RepeatMD’s software-as-a-service income elevated 130% over the previous yr, in accordance with Sitter.
That’s piqued traders’ curiosity. As we speak, RepeatMD introduced that it’s raised $40 million in a funding spherical led by Centana Progress Companions and Full In companions with participation from Proof and Mercury Fund, together with a $10 million mortgage from Silicon Valley Financial institution. (Sitter says the mortgage was obtained on “favorable terms.”)
The brand new capital, which brings RepeatMD’s whole raised to $56 million, shall be used to develop the startup’s community of companions, construct out RepeatMD’s platform and increase the corporate’s staff of round 130 workers to greater than 150 by the top of the yr, Sitter says.
“RepeatMD has seen massive acceleration of its product during the last 12-months as practices are looking for new ways to generate revenue,” he added. “We bring in new revenue for practices and the rewards program solves patient retention.”
