💉💰 PatientFi raises $25M to scale BNPL for healthcare
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
🔦 Spotlight
Irvine-based PatientFi, a “buy now pay later” provider focused on elective medical procedures, just closed a $25M financing led by Questa Capital to scale up the business.
Image Source: PatientFi
Picture PatientFi as the Klarna of out-of-pocket treatments and procedures. Let’s say you want to get some sort of cosmetic procedure done, but it’s not covered by insurance. Up front costs can easily be in the thousands of dollars - potentially far outside the price range you can handle today. PatientFi splits this cost into more manageable chunks that you pay down over time.
To give a sense of the scale of this space, in the United States alone, around 15 million patients have already undergone aesthetic treatments, with an additional 80 million consumers considering such procedures in the near or immediate future. For many of these prospective patients, cost stands as the most important factor influencing their decision-making process, and this is precisely where PatientFi steps in. With the recent injection of capital, PatientFi plans to ramp up sales and marketing efforts, build new commercial partnerships, and push out new products.
One of these new products is a membership plan called PRIVI, a subscription and practice loyalty platform that allows patients to pay for customized aesthetic treatment plans through a monthly membership while earning rewards.
Is PatientFi a good thing for the world? We’re not yet sure, but we do know there’s plenty of demand for it in the City of Angels. 💉💰🩺
🤝 Venture Deals
LA Companies
- Quilter, a startup that is building an AI-driven platform for designing circuit boards, raised a $10M Series A led by Benchmark. - learn more
- Latigo, a biotech company developing non-opioid pain medicines, raised a $135M Series A from Westlake Village BioPartners, 5AM Ventures, Foresite Capital, and Corner Ventures. -learn more
- PatientFi, a financing platform to help patients pay for out-of-pocket elective procedures, received a $25M growth equity investment from Questa Capital. -learn more
- Rimere, a developer of plasma tech to convert natural gas into hydrogen and graphene, raised a $10M investment round from Clean Energy Fuels. -learn more
- FlowFi, a financial advisor marketplace for entrepreneurs, raised a $9M Seed Round led by Blumberg Capital. -learn more
LA Venture Funds
- WndrCo led a $14M Series A for Alembic, a provider of a holistic marketing attribution platform for enterprises. - learn more
- Clocktower Technology Ventures participated in a $3.9M Pre-Seed Round for Cascading AI, a loan origination platform. -learn more
Actively Raising
- ReelCall, Inc., an entertainment technology company focused on powerful apps and platforms that help build and maintain the professional network of connections vital to career growth, is raising a $850K Pre-Seed Round. - learn more
- CZero, a startup building software to decarbonize logistics for logistics businesses and goods business through a vetted marketplace and optimization software. - learn more
- Couri, a technology startup addressing last-mile delivery issues, is raising a $450K Pre-Seed Round at a $2.2M post money valuation. - learn more
- Sweetie, a marketplace to help people plan date nights, is raising a $1.5M Pre Seed Round. - learn more
- StartupStarter, an investment platform that provides real-time data and analytics on startups, is raising an $850K Angel Round. - learn more
If you’re a founder raising money in Los Angeles, give us a shout, and we’d love to include you in the newsletter!
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
