Moxie helps nurses open medspas by offering them with many of the instruments they should run their companies, from billing software program and advertising and marketing providers to discounted provides. The startup has raised a $10 million Collection B led by present investor Lachy Groom, a solo VC, with participation from SignalFire.
The spherical comes solely a 12 months after the startup introduced its $15.7 million Collection A, which values Moxie at almost triple its earlier valuation.
“Our enterprise grew greater than 4x during the last 12 months,” stated Moxie’s founder and CEO Dan Friedman. “We nonetheless had greater than 75% of the capital from Collection A, so there was no want for money. However we even have a extremely large agenda and a giant imaginative and prescient, and the [new funding] helps us double down.”
Medspas — therapy amenities that provide minimally invasive aesthetic procedures similar to Botox, specialised facials, and laser remedies — have been rising in recognition. As a result of most states require that registered nurses administer these procedures, the rising trade has attracted healthcare staff, lots of whom have been burned out at their hospital jobs, to launch their very own medspa companies.
Friedman, who beforehand co-founded Thinkful, an internet coding enterprise, was on the lookout for his subsequent entrepreneurial act after promoting his academic firm to Chegg for $100 million. Friedman determined to start out Moxie after studying from a household pal in regards to the complexities and excessive prices concerned in launching a medspa. He developed a “business-in-a-box” answer that permits nurses to have their clinics prepared for operation at a fraction of the time and price in comparison with in the event that they do it themselves.
“We make it simpler, quicker, and cheaper to launch a medspa,” Friedman stated. “Then we assist the expansion of the follow with enterprise software program, together with funds, built-in purchase now, pay later, advertising and marketing tooling, and a set of compliance instruments.”
The startup additionally helps medspa homeowners save on their most vital expense, provides, by partnering with main suppliers to barter bulk reductions. This allows Moxie’s purchasers to supply decrease pricing and higher compete with main medspa chains, similar to Laser Away and people operated by non-public equity-backed administration corporations.
Moxie additionally pairs spa homeowners with success coaches who information enterprise development. The corporate makes cash by charging its purchasers a proportion of complete gross sales, which resembles a franchise mannequin in some ways, however there’s one key differentiator: Moxie isn’t licensing its model. “Our purchasers will not be 250 medspas with ‘Moxie’ on the door,” Friedman stated. “These are 250 medspas with their entrepreneurs’ names on the door.”
Different VC-backed corporations that provide medspa providers embrace Addition and Greycroft-backed Ever/Physique and Botox supplier Peachy. However since Moxie doesn’t run its personal clinics, Friedman stated he doesn’t view these startups as direct rivals.
“It’s a giant class with greater than $15 billion a 12 months spent on medspas,” Friedman stated. “They’ll succeed, and we are able to succeed.”