Subscription services have become an integral part of the e-commerce industry. A Charlotte-based startup built a subscription service to help doctors get the latest devices.
And in doing so, they’ve become one of the fastest-growing startups coming out of Charlotte.
This week MedShift announced an oversubscribed $8 million Series A round, bringing its valuation to $150 million.
“We look forward to utilizing this opportunity to further establish MedShift as a leading medical technology innovator,” CEO Brian Phillips said in a statement. “The world is embracing medical aesthetics more than ever, so the new investment will be a valuable asset as MedShift continues to move the needle in the industry. MedShift’s technology and business model is unlike anything seen before, and it’s exciting to be at the forefront.”
The platform allows physicians and surgeons to access cutting-edge medical devices that might otherwise be inaccessible to their practice. The 30 devices are mainly for medical aesthetic treatments. Currently, MedShift partners with over 400 medical practices across North America.
For device manufacturers, MedShift is working on patent-pending technology that gives companies real-time visibility and data around device usage. The MedShift team told Hypepotamus that “high fidelity data reporting at the device level [will] enhance the doctors use of the device and the manufacturers understanding of how their devices are actually being used.”
The last year has been busy for the team sitting at the intersection of e-commerce and MedTech. MedShift said recurring device consumable volume increased over 280% over the last year, and the team itself expects revenue to surpass $21 million this year alone.