CPE News (4.27.2023) – Practice Better has raised $27 million in growth equity funding led by Five Elms Capital, following a $1 million investment from Disruption Ventures in 2021.
The acquisition closed in December 2022.
Five Elms Capital is a leading growth equity investor focusing on minority or majority control investments in leading B2B software companies. The firm is investing out of US $780 million 2021-vintage Fund V.
Founded by Nathalie Garcia, Practice Better is a leading all-in-one practice management software platform for health and wellness professionals. The company serves 10,000+ customers in over 70+ countries across the globe, and processes hundreds of millions annually in payments on behalf of customers.
New funding will support the development of new integrations and strategic partnerships, as well as enhanced product features to help health professionals sustainably scale their businesses and deliver better client care.
photo credit: Practice Better
Practice Better Announces $27 Million Growth Investment to Transform How Wellness Professionals Empower Their Clients to Live Better
TORONTO, April 27, 2023 /CNW/ — Practice Better, a leading, all-in-one practice management software platform for health and wellness professionals, announced today that it has raised a $27 million growth investment led by Five Elms Capital and follows a $1 million investment from Disruption Ventures in 2021. The investment will support the development of new integrations and strategic partnerships, as well as enhanced product features to help health professionals sustainably scale their businesses and deliver better client care. The company plans to invest in expanding its go-to-market (GTM), customer-facing, and tech teams to better support its growing customer base.
“Practice Better was born from a need to solve my own challenge to sustainably build a client-centric nutrition practice, without sacrificing my well-being,” said Nathalie Garcia, Founder of Practice Better. “This investment comes at a critical time as conventional medicine models are under tremendous pressure and the demand for proactive, alternative forms of wellness care is on the rise. I’m excited to continue to evolve the platform, grow our team, and expand into new verticals.”
Founded in 2016, Practice Better offers comprehensive practice management software for health and wellness practitioners. Its features include scheduling and appointment management, telehealth, charting, billing, client engagement, online programs, payment processing, and more. The platform is designed to help practitioners who want to save time, reduce administrative burdens, and provide better care to their clients.
“Nathalie and the Practice Better team have experienced remarkable growth over the past six years. With over 65% of its customer growth coming from word of mouth and referrals, Practice Better has recorded a 300% compound annual growth rate (CAGR) since inception,” said Austin Gideon, Partner at Five Elms Capital. “When Practice Better was founded in 2016, it was entering a market in desperate need of innovation. Since then, the team has committed to doing things differently by putting client outcomes at the forefront of health and wellness technology and allowing the industry to break free of outdated and unscalable models. Its reputation as a disruptive force comes from years of dedication, and Five Elms Capital is thrilled to support its continued growth.”
“This funding unlocks the potential to expand our product capabilities and welcomes new strategic partnerships that will further enable our customers to deliver more supportive wellness care,” added Garcia. “In order for our customers to be successful, their clients need to be successful. We are uniquely positioned to enable more sustainable and collaborative wellness care”.
About Practice Better
Practice Better is a leading all-in-one practice management software solution transforming how health & wellness professionals run their practices and support their clients. The company serves 10,000+ customers in over 70+ countries across the globe, and processes hundreds of millions annually in payments on behalf of customers. In addition to supporting thousands of nutrition-focused practitioners and coaches, Practice Better has seen incredible adoption from other verticals within the health and wellness space including naturopathic doctors, chiropractors, mental health therapists, and other wellness professionals. Its platform empowers wellness professionals to streamline admin work, engage clients, and scale their practices beyond the traditional 1:1 model. Its consistent, best-in-class NPS score and organic growth from word-of-mouth referrals are a testament to its happy customers. For more information, visit practicebetter.io
About Five Elms Capital
Five Elms Capital is a leading growth investor in world-class software businesses that users love. Five Elms provides capital and resources to help companies accelerate growth and further cement their role as industry leaders. Five Elms maintains offices in North America and Europe and invests in the best software platforms globally. For more information, visit fiveelms.com.
SOURCE Practice Better