What You Should Know:
- 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.
Bolstering New and Growing Practices
RepeatMD has successfully secured a significant financing round, co-led by Centana Growth Partners and Full In Partners, with participation from PROOF. This comes after a noteworthy growth period since its seed financing round just nine months ago from Mercury Fund, which also participated in the Series A. The medical industry is experiencing substantial growth, particularly in the aesthetic and cash-based treatments sector. In the U.S., the med spa market is expected to reach $19 billion this year, while the global aesthetics market reached $99 billion in 2021 and is projected to grow to almost $332 billion by 2030. RepeatMD, launched in October 2021 by Phil Sitter, initially focused on a white-label mobile rewards program to aid practices in growing their cash business. The success of this platform highlighted the widespread demand for revenue automation in the aesthetics and wellness space. In response, RepeatMD introduced its proprietary Inbound Revenue Platform, integrating loyalty, ecommerce, and patient financing solutions into a unified patient experience, creating a new source of automatically generated revenue for practices.
“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 supplies comprehensive software solutions to more than 2,500 medical, aesthetic, and wellness practices spanning all 50 states. These practices include med spas, dermatologists, plastic surgeons, weight loss clinics, OBGYNs, and others, boasting nearly 700,000 registered users on its platform. Over the past 12 months, RepeatMD has experienced explosive growth, with a remarkable +2,519% increase in Gross Merchandise Value (GMV) revenue and a substantial +130% rise in Software as a Service (SaaS) revenue. The company has also established partnerships with major medical and aesthetic laser manufacturers, such as Alma Lasers, Sciton, and Cynosure.