RepeatMD – a SaaS company leveraging Inbound Revenue to increase sales for aesthetic and wellness practices – recently announced it had secured $50 million in Series A funding, including a $10 million debt facility from Silicon Valley Bank. This funding round marks a significant milestone in RepeatMD’s mission to deliver superior revenue efficiency to growing practices and to enhance their patients’ experience.
The funding 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 also in a period of massive growth as providers seek to add aesthetic and cash-based treatments to their practices. And 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 e-commerce tools to attract new customers and drive repeat business.
RepeatMD was launched in October 2021 by Phil Sitter. And 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 rapid success of this initial platform revealed the widespread need for revenue automation in the aesthetics and wellness space throughout the entire buyer journey. And in response, RepeatMD launched their proprietary Inbound Revenue Platform, combining the best of loyalty, e-commerce, and patient financing solutions into a unified patient experience that provides practices with a new source of automatically generated revenue.
Currently, RepeatMD offers 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. And RepeatMD has undergone explosive growth in the past year, 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.
This funding round will be used to grow RepeatMD’s network of strategic partners, provide further product enhancements, and integrate AI to amplify the patient shopping experience further while scaling its Inbound Revenue Platform.
KEY QUOTES:
“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. 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.”
— Phil Sitter, Founder & CEO of RepeatMD
“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. 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.”
— Sarah Kim, Partner at Centana
“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. RepeatMD stood out both for helping clinics access higher-margin, recurring revenue, and for their customer-centric mindset.”
— Jacob Cole, Principal at Full In Partners
“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.”
— 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.”
— Aziz Gilani, Managing Director of Mercury Fund
“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.”
— Chris Balbi, a current client of RepeatMD and co-owner of Meesha Aesthetics
