3 December 2023
RepeatMD secures significant investment to drive growth and enhance patient experience in the rapidly expanding med spa market.
RepeatMD, a SaaS company specializing in Inbound Revenue solutions for aesthetic and wellness practices, has successfully raised $50 million in Series A funding. The round was co-led by Centana Growth Partners and Full In Partners, with participation from PROOF. This substantial investment marks a major milestone for RepeatMD as it seeks to deliver superior revenue efficiency to growing practices and elevate the patient experience.
The Growing Market for Aesthetic and Wellness Practices:
The medical industry is experiencing a period of immense growth as providers strive to incorporate aesthetic and cash-based treatments into their practices. In the United States alone, the med spa market is projected to reach $19 billion this year. Globally, the aesthetics market reached $99 billion in 2021 and is expected to soar to nearly $332 billion by 2030. However, many practices have struggled to effectively market these treatments and services, lacking modern software solutions and ecommerce tools.
RepeatMD’s Journey and Mission:
RepeatMD was founded in October 2021 by Phil Sitter with the initial goal of creating a white-label mobile rewards program to help practices grow their cash business. The success of this platform revealed a widespread need for revenue automation throughout the buyer journey in the aesthetics and wellness space. In response, RepeatMD launched its proprietary Inbound Revenue Platform, which combines loyalty, ecommerce, and patient financing solutions into a unified patient experience. This innovative platform generates a new source of revenue for practices.
Elevating the Patient Experience:
Phil Sitter, Founder & CEO of RepeatMD, emphasized the company’s goal of providing practice owners with the technology to enhance their patients’ experience. The platform functions as a med-commerce engine, equipped with the same capabilities as large retailers, enabling practices to convert sales both during and outside of operating hours. By offering turnkey software solutions, RepeatMD currently serves over 2,500 medical, aesthetic, and wellness practices across all 50 states, with nearly 700,000 registered users on its platform.
Impressive Growth and Partnerships:
RepeatMD has experienced explosive growth in the past year, with a remarkable 2,519% increase in Gross Merchandise Value (GMV) revenue and a 130% increase in SaaS revenue. The company has also formed partnerships with leading medical and aesthetic laser manufacturers, including Alma Lasers, Sciton, and Cynosure. These collaborations further strengthen RepeatMD’s position as a key player in the industry.
Investors’ Perspective:
Sarah Kim, Partner at Centana, highlighted the broad applicability of RepeatMD’s solutions across the wellness industry and praised the company’s commitment to client satisfaction and improving customer profitability. Jacob Cole, Principal at Full In Partners, emphasized RepeatMD’s ability to help clinics access higher-margin, recurring revenue while maintaining a customer-centric mindset. Thanasis Delistathis, Co-founder and Managing Partner at PROOF, expressed enthusiasm for RepeatMD’s impact on the aesthetics and wellness market, describing it as a large, fast-growing, and capital-efficient business.
Conclusion:
With its recent $50 million Series A funding, RepeatMD is poised to revolutionize revenue efficiency for aesthetic and wellness practices. The company’s Inbound Revenue Platform, coupled with its partnerships and rapid growth, positions RepeatMD as a leader in the industry. As the med spa market continues to expand, RepeatMD’s innovative solutions will play a crucial role in helping practices attract new customers, drive repeat business, and elevate the overall patient experience.
