Moxie helps nurses open medspas by offering them with a lot of the instruments they should run their companies, from billing software program and advertising and marketing companies to discounted provides. The startup has raised a $10 million Sequence 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 Sequence 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 sequence A, so there was no want for money. However we even have a very massive agenda and an enormous imaginative and prescient, and the [new funding] helps us double down.”
Medspas, which supply minimally invasive aesthetic procedures akin to Botox, specialised facials, and laser remedies, have been rising in reputation. Since most states require that registered nurses administer these procedures, the rising trade has attracted healthcare employees, lots of whom had been burned out at their hospital jobs, to launch their very own medspas.
Friedman, who beforehand co-founded Thinkful, a web-based coding enterprise, was in search of his subsequent entrepreneurial act after promoting his academic firm to Chegg for $100 million. Friedman determined to begin Moxie after studying from a household good friend concerning 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, sooner and cheaper to launch a medspa,” Friedman stated. “Then we assist the expansion of the apply 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 house owners save on their most vital expense, provides, by partnering with main suppliers to barter bulk reductions. This allows Moxie’s shoppers to supply decrease pricing and higher compete with main medspa chains, akin to Laser Away and people operated by private-equity-backed administration firms.
Moxie additionally pairs spa house owners with success coaches who information enterprise development. The corporate makes cash by charging its shoppers a share of whole gross sales, which resembles a franchise mannequin in some ways, however there’s one key differentiator: Moxie isn’t licensing its model. “Our shoppers should not 250 medspas with ‘Moxie’ on the door,” Friedman stated. “These are 250 medspas with their entrepreneurs’ names on the door.”
Different VC-backed firms that provide medspa companies 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 an enormous class with greater than $15 billion a 12 months spent on medspas,” Friedman stated. “They will succeed, and we are able to succeed.”