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Vansanity

Cloud Med Spas - Doctors and nurses rent medical workspace

Pitch Video
Investor Panel

Highlights

1
Founder was C-level exec and on IPO of Shopping.com with Goldman and sale to eBay for ~$675 million.
2
POST COVID-19. The status quo is over. Practitioners will NOT want overhead or fixed costs.
3
Large (~$12 billion) and fast growing market segment (10%+ CAGR).
4
In similar aesthetic markets, like hair care, it is ~20% rental.
5
Ideal characteristics for "cloud" business; rentable, scalable and on-demand.
6
Lead investor, Dr. Mike Tantillo: Plastic surgeon, MD/MBA and a multiple location spa owner.
7
Patient/Practitioner relationship is ideal for rental; practitioner owns the patient relationship.

Our Team

Founder
First 12 years of career as Managing Director at JP Morgan & Morgan Stanley. 15+ years in tech startups. President; CRO at Shopping.com IPO & sale to eBay (~$675M). Studied Engineering at Princeton University.

If you ask a doctor or nurse why they got into medicine, you'll hear one of these reasons: helping people, healing, independence or income. You don’t hear: real estate, facilities, machine leasing, or HR. We wanted to build a company that removes these hassles, giving practitioners high income and flexibility

Blake Moser Co-Founder and Head of Marketing
12+ years as founder and owner of medicalrecruting.com; a top online national medical recruiting firm
Boston Site Manager
Brazilian immigrant that started his own household cleaning service from scratch and owner and operated it for 15+ years

The Story of Vansanity

It begins in 2017, while my family (Iggy/founder) was still in the Bay Area (Mill Valley). At first, I was alone looking at this problem.

One of our closest family friends is an orthopedic surgeon in the Bay Area. Over many conversations and cocktails, he explained the travails of both starting and developing a medical practice. He tried it alone, with a small group and with a sponsoring hospital, and even some combinations of those. It worked partially but never really brought him the income and flexibility and control he had sought alongside the joy he experienced while practicing medicine. 

I "knew" that if I could find the right vertical and the right model, we might be able to change things. 

First, narrow down the problem...

Medical vertical must-haves: Consumer pay (insurance reimbursement was too big a problem to tackle); critical mass, high growth rate, high margins (our opportunity). Result: non-invasive and minimally invasive medical aesthetics.

This is a large and fast-growing market.

Demand is large and growing quickly. The US total addressable market (TAM) stands at $7 billion while the global TAM stands at $12.5 billion with CAGR at 11.5%. The supply of practitioners is growing as well. 

Next, find the right model/solution.

We considered a subscription model and ran it by various industry and financial professionals. The response was intriguing (and perhaps polite), but not the surprise and delight you want to hear with a really good idea. Subscriptions sounded interesting, but they told me to consider facilities sharing. In fact, one of the people I asked about the concept was the new buyer of my home. The husband was part of the founding team of WeWork and the wife was a 10+ year veteran as a dermatology assistant. The wife told me that at her previous practice (NYC) of 2 owner/MDs and ~18-20 employee/MDs, ~90%(all but 2) of the employee/MDs had directly asked her if her husband (and/or WeWork) would consider a WeWork for medical aesthetics. That led us on the path to Vansanity, which expanded well beyond facilities to the "Cloud Med Spa" model we have today.

MOVED TO BOSTON AREA FOR FAMILY REASONS! Fortunately, it's a national problem and solution.

Validate the problem and solution.

I sought out more industry experts and professionals that were living this every day. I wanted to not only hear/see/feel that the problem was real and the solution viable, but I also wanted to see if these same folks would devote substantial time AND money (as investors) to this solution. 

WOW! The response was amazing.

All my team joined up either part-time or full-time and anyone who was accredited (legal) invested $15-200k. Danny, Blake, John, Mike, and Rachel all joined and we had the beginnings of a team and a full Seed financing. Ciro wasn't an industry expert, but the perfect client-facing business partner.

Now we needed space, architects, contractors, lawyers, bank accounts, lasers, chairs .... fortunately, we had just about every challenge covered in terms of real-life experience between one or a combination of us.

From July 2018 through March 2019, with help of an advisor and my long-time friend (Emily Ou and Greg Hylton, Cushman Wakefield partner) we visited dozens of potential properties, interviewed architects and contractors, negotiated leases and terms and finally signed in late March.

    Construction begins!

    Construction went smoothly (thanks Rob, Eric, and teams). By the end of September 2019, we had finished construction and had our certificate of occupancy.

    The finished product:

    Opening the doors!

    October 2019 we took our first customers/members, bookings and revenue. The roller-coaster begins!

    Traction

    Use of Funds

    Traction

    Milestones



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    Overview