Farukh Kitchlew | Feb 19, 2024 | 0
Moxie secures $15.7 million to simplify opening med spas
Moxie plans to simplify opening med spas amid the rising popularity of treatments like Botox. It offers a “business-in-a-box” model with coaching, discounted supplies, and software. The startup raised $15.7 million in funding, led by SignalFire and Boulton & Watt, for expansion all over the U.S. Co-founder Dan Friedman started Thinkful, an online education venture before Moxie that taught adults tech skills for career shifts. Chegg acquired Thinkful in 2019.
A New Avenue for Registered Nurses
Moxie has several registered nurses who have faced burnout in hospital settings. The majority of these clients are women, and approximately most are women of color. Founder Dan Friedman considers Moxie an extension of his previous business, Thinkful, which planned to assist individuals, especially those in the lower middle and middle-income brackets, to achieve upward mobility. While opening a medspa typically costs approximately $163,000, Moxie’s approach enables locations to launch with a startup budget of under $30,000. Now, those interested in the medspa industry have more accessible options.
According to Friedman, Moxie can complete the startup process in approximately 30-60 days. People who open medspas with Moxie are assigned an onboarding manager for weekly meetings. After their location is ready, they’re matched with a success manager. The guidance covers decisions like improving services and equipment, which can be costly (e.g., lasers for $150,000 to $200,000). They also get help with patient purchases through methods like digital marketing.
Tech Solutions for Medspa Management
New Medspa owners usually start by attracting patients through ads(online) in the first month. During the second or third month, it’s common for them to acquire repeat customers and referrals. Moxie has a software called Moxie Suite that includes tailored EMR features for patient records, checkout, and payments. It also has a feature called Moxie Balance for banking. This is designed to make complex software easy for plastic surgeons.
Moxie helps Medspa owners by collaborating with big suppliers, securing better pricing through national accounts, and decreasing the supply cost. Many registered nurses, nurse practitioners, physician associates, and doctors are among the Medspa owners. Top-performing medspa owners through Moxie can generate approximately a million in annual revenue with large profit margins above 40%. While many operate full-time, Moxie also helps part-time owners, with about half of its locations running on reduced hours. Friedman said;
“Our model ensures our alignment with our partners. We succeeded when they succeed.”
Talking about the investment SignalFire partner and new Moxie board member Chris Scoggins said;
“We invested because of the size of the opportunity, the quality of the team and its execution, and the comprehensiveness of the solution. In just one year, Moxie became the leader in its category. We’re excited to support Moxie with SignalFire’s Beacon AI data platform for recruiting, talent team, in-house experts and XIR program.”