RepeatMD, a leading Software-as-a-Service (SaaS) company in the aesthetic and wellness industry, has announced the successful completion of its Series A funding round, securing a total of $50 million. The funding includes a substantial $10 million debt facility from Silicon Valley Bank. This financial milestone represents a significant step in RepeatMD’s mission to enhance the revenue efficiency of growing practices and improve the overall patient experience.
Co-Lead Investors Drive Exceptional Growth
The Series A funding round was co-led by Centana Growth Partners and Full In Partners, with additional participation from PROOF. This round of financing comes on the heels of RepeatMD’s seed funding round just nine months ago, in which Mercury Fund was an initial investor and also participated in the Series A round.
Seizing Opportunities in the Booming Medical Industry
The medical industry is currently experiencing unprecedented growth, with an increasing number of providers looking to incorporate aesthetic and cash-based treatments into their practices. In the United States, the med spa market is projected to reach $19 billion in the current year, while the global aesthetics market reached $99 billion in 2021 and is expected to expand to nearly $332 billion by 2030. Traditionally, practices in this industry have relied on in-person consultations and ad hoc marketing campaigns due to a lack of modern software solutions and e-commerce tools to attract new customers and encourage repeat business.
RepeatMD’s Journey and Innovative Inbound Revenue Platform
RepeatMD was founded in October 2021 by Phil Sitter. Initially, the company offered a white-label mobile rewards program aimed at helping practices grow their cash business by facilitating online sales and treatment education. The rapid success of this initial platform highlighted a widespread need for revenue automation throughout the buyer journey in the aesthetics and wellness sector. In response, RepeatMD introduced its proprietary Inbound Revenue Platform, a unified patient experience that combines elements of loyalty, ecommerce, and patient financing solutions to generate revenue automatically for practices.
Phil Sitter, Founder & CEO of RepeatMD, emphasized the company’s mission, stating, “Even though the aesthetics and wellness industry continues to innovate with life-changing treatments, practices still face challenges when it comes to selling new and unfamiliar services to patients. Our goal at RepeatMD is to provide practice owners with the technology to enhance their patients’ experience. Our platform functions as a med-commerce engine, equipping practices with the same tools as large retailers to drive sales both during and outside of regular operating hours.”
Impressive Growth and Partnerships
Currently, RepeatMD serves over 2,500 medical, aesthetic, and wellness practices across all 50 states, including med spas, dermatologists, plastic surgeons, weight loss clinics, OBGYNs, and more. The platform boasts nearly 700,000 registered users. In the past year, RepeatMD has achieved remarkable growth, with a staggering 2,519% increase in Gross Merchandise Value (GMV) revenue and a 130% increase in Software-as-a-Service (SaaS) revenue. The company has also forged partnerships with leading medical and aesthetic laser manufacturers, such as Alma Lasers, Sciton, and Cynosure.
Investors Share Enthusiasm for RepeatMD
Investors in the Series A round expressed their confidence in RepeatMD’s potential. Sarah Kim, Partner at Centana, noted the company’s broad applicability across the wellness industry and its commitment to improving customer profitability. Jacob Cole, Principal at Full In Partners, highlighted RepeatMD’s unique value in helping clinics access higher-margin, recurring revenue while maintaining a customer-centric approach. Thanasis Delistathis, Co-founder and Managing Partner at PROOF, praised RepeatMD for its positive impact on the aesthetics and wellness market.
Real-World Success Stories
RepeatMD’s impact is evident in the real-world success of its clients. Chris Balbi, co-owner of Meesha Aesthetics and a RepeatMD client, shared his experience, saying, “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.”
Funding for Future Growth and Innovation
The $50 million in funding will support RepeatMD in expanding its network of strategic partners, enhancing its product offerings, and integrating artificial intelligence (AI) to further improve the patient shopping experience. The company aims to scale its Inbound Revenue Platform, continuing to revolutionize the way aesthetic and wellness practices operate.
TL;DR – Key Points
- RepeatMD, a SaaS company in the aesthetic and wellness industry, secures $50 million in Series A funding, including a $10 million debt facility from Silicon Valley Bank.
- Co-led by Centana Growth Partners and Full In Partners, with participation from PROOF, the funding follows a successful seed round just nine months prior.
- The medical industry is experiencing significant growth, with the med spa market in the U.S. projected to reach $19 billion and the global aesthetics market expected to grow to $332 billion by 2030.
- RepeatMD, founded in 2021, offers an Inbound Revenue Platform that automates revenue generation for medical, aesthetic, and wellness practices.
- The company has achieved explosive growth with over 2,500 practices and nearly 700,000 registered users, along with partnerships with leading manufacturers.
- Investors express confidence in RepeatMD’s potential, and real-world success stories highlight the platform’s impact.
- The funding will support expanding partnerships, product enhancements, and AI integration to enhance the patient shopping experience and scale the Inbound Revenue Platform.
Hi, I’m Oren, founder at BIGINTRO, a content strategy agency that helps B2B companies drive growth. We develop search, social, PR, and content marketing strategies tailored to business goals. I also have a dog named Milo.