HOUSTON--(BUSINESS WIRE)--RepeatMD, a SaaS company leveraging Inbound Revenue to increase sales for aesthetic and wellness practices, has secured $50 million in Series A funding, including a $10 million debt facility from Silicon Valley Bank. This funding marks a significant milestone in RepeatMD's mission to deliver superior revenue efficiency to growing practices and to enhance their patients’ experience.
The financing round was co-led by Centana Growth Partners and Full In Partners with participation from PROOF, and marks an exceptional growth period for RepeatMD following its seed financing round just nine months ago from Mercury Fund, who also participated in the Series A.
The medical industry is in a period of massive growth as providers seek to add aesthetic and cash-based treatments to their practices. In the U.S. alone, the med spa market is expected to hit $19 billion this year, while the global aesthetics market reached $99 billion in 2021 and is forecasted to grow to nearly $332 billion by 2030. Traditionally practices have relied on in-person consultations and ad hoc marketing campaigns, as they lacked modern software solutions and ecommerce tools to attract new customers and drive repeat business.
RepeatMD was launched in October 2021 by Phil Sitter. The initial idea for RepeatMD was a white-label mobile rewards program designed to help practices grow their cash business through easily accessible online sales and treatment education. The fast success of this initial platform revealed the widespread need for revenue automation in the aesthetics and wellness space throughout the entire buyer journey. In response, RepeatMD launched their proprietary Inbound Revenue Platform, combining the best of loyalty, ecommerce, and patient financing solutions into a unified patient experience that provides practices with a new source of automatically generated revenue.
“Even though the aesthetics and wellness industry has continued to innovate a growing range of life-changing treatments, practices continue to face challenges selling treatments and services that are new and unfamiliar to patients,” said Phil Sitter, Founder & CEO of RepeatMD. “Our goal at RepeatMD is to give these practice owners the technology to elevate their patients’ experience. Our platform serves as a med-commerce engine equipped with the same firepower as large retailers to convert sales inside and outside of practice operating hours.”
Currently, RepeatMD provides turnkey software solutions to over 2,500 medical, aesthetic and wellness practices across all 50 states, including med spas, dermatologists, plastic surgeons, weight loss clinics, OBGYNs and many others, with nearly 700,000 registered users on its platform. RepeatMD has undergone explosive growth in the past 12 months, marking a +2,519% increase in Gross Merchandise Value (GMV) revenue and an +130% increase in SaaS revenue. The company has forged partnerships with the largest medical and aesthetic laser manufacturers including Alma Lasers, Sciton, and Cynosure.
“RepeatMD’s membership, loyalty, and eCommerce solutions have broad applicability across the wellness industry, and it’s refreshing to see a company operating in a sector with a strong female influence,” said Sarah Kim, Partner at Centana. “With a commitment to client satisfaction and improving customer profitability, RepeatMD continues to innovate and is aligned with Centana’s focus on unique technology investments at the intersection of financial services and healthcare.”
“As investors in growth-stage vertical SaaS companies, we’ve closely followed the rise of platforms that not only help practitioners run their businesses, but also drive a higher ROI go-to-market motion,” commented Jacob Cole, Principal at Full In Partners. “RepeatMD stood out both for helping clinics access higher-margin, recurring revenue, and for their customer-centric mindset.”
"We love what RepeatMD is doing for practices in the aesthetics and wellness market. By helping practices better connect with their cash-paying customers, RepeatMD is building a large, fast-growing and capital-efficient business,” said Thanasis Delistathis, Co-founder and Managing Partner at PROOF.
“Just 9 months ago Mercury provided RepeatMD’s Seed financing round. We have quickly doubled down in its Series A because of the company's massive traction, customer adoption and Phil’s leadership,” said Aziz Gilani, Managing Director of Mercury Fund.
Chris Balbi, a current client of RepeatMD and co-owner of Meesha Aesthetics said, “Never in our wildest dreams did we think RepeatMD would be able to bring in over a quarter of a million dollars in sales to our practice—$301,000 to be exact. In less than 90 days! This isn't even the busy holiday season, and RepeatMD helped us break all of our sales records. Can't wait to see what's next.”
The funding will be used to grow RepeatMD’s network of strategic partners, provide further product enhancements, and integrate AI to further amplify the patient shopping experience while scaling its Inbound Revenue Platform.
About RepeatMD
RepeatMD helps Aesthetic and Wellness practices grow their businesses through its innovative Inbound Revenue Platform that automates revenue generation. Powered by the company’s industry-tailored MedCommerce Engine, RepeatMD continuously attracts new patients, fosters loyalty, and promotes premium treatments for expanding practices. Its features include robust ecommerce solutions, mobile rewards, memberships, customized marketing campaigns, and a comprehensive digital treatment catalog. With RepeatMD, practice owners can stop manually chasing outbound revenue opportunities and effortlessly grow their businesses through Inbound Revenue. To learn more, please visit https://www.repeatmd.com/.
