In the ever-evolving landscape of the aesthetics and wellness industry, RepeatMD has been making waves with its turnkey software solutions, addressing the changing dynamics brought about by the pandemic. Founded in 2021, RepeatMD caters to small- and medium-sized businesses in the aesthetics and wellness sector, offering them a robust platform to establish a digital presence and tap into new revenue streams.
Phil Sitter, the founder and CEO of RepeatMD, emphasized the transformative role his company plays for practitioners in the field. “Our platform allows practitioners to sell their treatments around the clock and enhances the patient buying experience through a mobile app,” he explained in an email interview with TechCrunch.
Sitter, an experienced entrepreneur with a track record of success, bootstrapped RepeatMD profitably until late 2022 when the startup successfully closed its seed round. The initial funding was partly sourced from VIPinsiders, a Houston-based food and beverage loyalty and rewards program, and a restaurant owned by Sitter, the popular brunch and lunch spot EggHaus Gourmet.
RepeatMD focuses on building apps tailored for aesthetics and wellness businesses, providing customers with the convenience of signing up and paying for monthly memberships and recurring treatments. The integration with Affirm allows customers to opt for monthly installment payments, enhancing flexibility.
Much like loyalty programs in other industries, RepeatMD’s apps employ strategic notifications with discount offers, akin to “Starbucks Rewards-style” experiences, aimed at engaging and retaining customers. Sitter envisions RepeatMD becoming the Shopify of the medical industry, streamlining practice onboarding processes and enriching the patient buying experience.
The startup’s success is evident in its impressive growth metrics. RepeatMD claims to serve over 3,500 practices and 700,000 users, witnessing a remarkable 130% increase in software-as-a-service revenue over the past year.
Buoyed by this momentum, RepeatMD has secured $40 million in a funding round led by Centana Growth Partners and Full In Partners, with participation from Proof and Mercury Fund. Additionally, the company secured a $10 million loan from Silicon Valley Bank on favorable terms. This infusion of capital, bringing RepeatMD’s total raised to $56 million, is earmarked for expanding the startup’s network of partners, enhancing the platform, and growing the team from around 130 employees to over 150 by the year’s end.
Sitter has expressed confidence in RepeatMD’s trajectory, highlighting the substantial acceleration of its product over the past 12 months as practices seek innovative ways to generate revenue. As they bring in new revenue for practices, and the rewards program solves patient retention. With this latest funding, RepeatMD is poised for further expansion and innovation in the ever-evolving aesthetics and wellness landscape.