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.
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, e-Commerce, 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 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 percent increase in Gross Merchandise Value (GMV) revenue and an +130 percent increase in SaaS revenue. The company has forged partnerships with the largest medical and aesthetic laser manufacturers including Alma Lasers, Sciton, and Cynosure.
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.