March 26, 2024: Money money money 💵💵

Today's Quick Take focuses on the recent news from PocketHealth and our thoughts on why and how this came together

QUICK TAKE

Pocketing a big pay out

PocketHealth recently announced a raise. Today, we breakdown how it came together and what you can learn.

What is the news?

Toronto-based, PocketHealth revealed that it raised USD 33m round led by Round13 Capital with Deloitte Ventures and Samsung Next joining as new investors. Questa Capital and Radical Ventures also participated.

What does PocketHealth do again?

PocketHealth provides patients with access to their medical images via the cloud and provides them with insights based on those images.

Why were they able to raise?

Two big things. 

PocketHealth has shown impressive growth and profitability.

It has partnered with over 650 health institutions and has more than 1.5 million patients using their software. Their business model involves working with health institutions to offer digital imaging to patients, which reduces the costs associated with traditional analog images.

Patients then have the option to subscribe to PocketHealth, either monthly or annually. This is likely to have a low churn rate as the service provides valuable information to the users.

Furthermore, PocketHealth has been successful in expanding its services and functionality. They have added more insights for patients and expanded their operations into the U.S. All these factors have contributed to their ability to raise significant funding.

What else makes this opportunity attractive to investors?

The company has been extremely capital efficient and the potential market is massive. Plus as mentioned previously, impressive growth and great profitability.

What can the community learn from this?

B2B2C models are extremely difficult to build but when all stakeholders have aligned interests they are very efficient and hard to dislodge.

The wedge product allows you to get in business and raise your first round but you have to expand beyond that to fuel future growth. PocketHealth is exciting as they are not only growing geographically but they have expanded the product offering which has most likely increased conversion and retention.

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