Alternative medicines

Fullscript raises $240M to expand its B2B integrative medicine marketplace – TechCrunch

Summary

The market for complementary and alternative medicine — a wide-ranging area that includes practice-based work like yoga as well as a huge range of supplements and everything in between — has been on a massive upswing , with the global industry valued at $82.3 billion in 2020 and growing at a fast clip in the years ahead.

Now, a company called Fullscript, which has built a wholesale backend and storefront builder to power the supplements businesses of alt…….

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The market for complementary and alternative medicine — a wide-ranging area that includes practice-based work like yoga as well as a huge range of supplements and everything in between — has been on a massive upswing , with the global industry valued at $82.3 billion in 2020 and growing at a fast clip in the years ahead.

Now, a company called Fullscript, which has built a wholesale backend and storefront builder to power the supplements businesses of alternative health practitioners providing these services, is getting a big infusion of cash to meet the opportunity. The Ottawa, Canada-based company has raised $240 million, funding that it will be using to continue expanding its business across North America, and developing more tools to serve its customers: practitioners building complementary and integrative treatment plans (bringing together both traditional and modern approaches) for their patients.

“We believe integrated medicine will be medicine in the future,” Fullscript co-founder and CEO Kyle Braatz said in an interview. “Sixty percent practitioners are already focusing on wellness and prevention. It’s more than just pharmaceuticals, and patients are doing more than just popping a pill.” The company today offers a stock of some 20,000 products from some 300 brands and has some 30,000 practitioners — medical doctors, naturopaths, osteopaths, and other therapists — subscribing to its platform.

The investment is coming from HGGC and Snapdragon Capital Partners — respectively a mid-market firm more known for private equity investments and a firm that invests in primarily health and wellness businesses. Fullscript’s valuation is not being disclosed, but for some context, the company has been around since 2012 and had only raised about $25 million previously, growing largely by being bootstrapped. And one reason that it will have come to investors’ attention now is its financial track record on its own steam: it’s going to make $300 million in revenue this coming fiscal year, growing from a mere $40 million five years ago.

Fullscript is based in the same city as Shopify, and Braatz likened a little of what his company does in its own B2B2C model to what Shopify has achieved in the world of e-commerce.

Just as the latter has provided an easy way for companies selling online to build and operate their own web-based storefronts (a business that has been huge, and seen Shopify extending into a lot of adjacent areas as a result), Fullscript is addressing the needs of practitioners online.

Among Fullscript’s services, it helps them source supplements; set up and fulfill prescriptions for those treatments from Fullscript’s dispensary, either to pick up in their offices or have delivered to their homes; manage their patients’ bigger treatment plans through an integrated approach that brings data from these treatments into a patient’s wider electronic health records; and provide supplementary reading and other educational materials about the supplements that are being dispensed.

“Just as Shopify empowers merchants, we empower practitioners,” Braatz said. And just as Shopify has brought a number of different tools online for …….

Source: https://techcrunch.com/2021/11/10/fullscript-raises-240m-to-expand-its-b2b-integrative-medicine-marketplace/