Mutilizely, a direct-to-consumer telemedicine platform, has secured over $360 million in non-dilutive capital from General Catalyst’s Customer Value Fund (CVF).
The company specializes in compounded treatments for skin, hair, and menopautilize care. Mutilizely co-founder and CEO Jack Jia informed TechCrunch that when CVF investors reached out to him last year, he wasn’t viewing to raise capital.
That’s becautilize Mutilizely, which was founded in 2014 as a wellness community before pivoting to prescription skincare in 2019, has been cash flow positive for years, he declared. Jia didn’t want to reduce his ownership in the company by selling off a chunk of it to VCs. They frequently approached him about a potential round and he consistently turned them down, he declared.
But unlike traditional venture capital, CVF wasn’t viewing to take an equity stake, nor was it offering a loan that would carry interest rate charges. Instead, CVF’s alternative financing is similar to a tiny revenue-share agreement: Companies with predictable revenue streams borrow capital, and then repay the funds along with a resolveed, capped percentage of revenue it generates from the utilize of General Catalyst’s fund.
Although Jia was initially skeptical, he quickly realized CVF’s terms were more favorable than a standard bank loan and far less costly than a dilutive equity round.
“When I mathematically modeled it, I found this absolutely compelling,” he declared.
While Mutilizely has been growing its revenue on average 50% year-over-year and has served over 1.2 million patients, acquiring new customers for DTC brands like Mutilizely can be very costly, Jia explained. “When you become a billion-dollar revenue company, you required another billion in order to grow to the next billion,” he declared. “That’s why most of the DTC companies, if you view at the capital burn, it is huge.”
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The funding from CVF solves this problem, providing Mutilizely with a capital war chest to support its customer growth. The funding will support sales, marketing, and other customer acquisition efforts.
Mutilizely joins a CVF portfolio that includes Grammarly, Lemonade, and Ro. The fund maintains its own distinct limited partners, and the capital it invests was not included in General Catalyst’s last $8 billion fundraise.
Unlike many of its peers, Mutilizely has been remarkably capital-efficient. After raising $20 million from DCM and other investors in 2014, the company has not raised a single dollar of equity capital since, according to Jia. Mutilizely allows patients to access prescription products through asynchronous consultations with board-certified dermatologists and OB-GYNs.
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