Moxie raises $15.7M to streamline the process of opening med spas

In order to streamline the process of opening med spas, which is a lot of work and hassle right now, Moxie is raising $15.7M to make this process a lot easier. Co-founder Dan Friedman wants to “help people achieve the American dream when working with lower middle and middle-income Americans and helping them find upwardly mobile trajectories.” He adds that “Medspas cost an average of $163,000 to open, according to trade association AmSpa. Locations that open with Moxie typically spend less than $30,000 in startup costs”

Dan Friedman, Moxie’s co-founder said, “The traditional way of starting a medspa is to talk to lawyers and spending about $10,000 to $25,000 just to structure the business”. He added that “Medspa owners, who can include registered nurses, nurse practitioners, physician associates and doctors depending on what state they operate in, need to find a medical director and put into place legal paperwork, policies and procedures. This is on top of finding a physical location, setting up tech systems and a website, sourcing supplies and developing their brand. Medspa owners interviewed by Moxie said the process typically took them about six months.”

Friedman adds, “Moxie can cut the process down to 30 to 60 days. Each person who opens a medspa through Moxie is connected to an onboarding manager that they meet with once or twice a week. After their location is opened, they are matched with a success manager, who typically has a background serving as a regional manager of medspas. The kind of advice medspa owners get include deciding when the right time to expand by adding new services and equipment is, since devices like lasers can cost $150,000 to $200,000. They also receive guidance on patient acquisition through channels like paid digital marketing. Friedman says new medspa owners typically spend the first month finding patients through online ads, but by the second or third month, they usually start getting return clients and word-of-mouth referrals.”

“In addition to coaching, Moxie also gives medspa owners software called Moxie Suite, which includes EMR features to help them manage patient records, checkout, payments and embedded banking through a feature called Moxie Balance. The EMR part is customized for medspas, since many use software designed for plastic surgeons that include features they don’t need and are unnecessarily complex”, reveals Friedman.

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