Investment Notes: Carepatron
We are excited to announce the Blackbird NZ Fund has co-led a US$4M Seed round in Carepatron.
We are joined in the round by US-based TQ Ventures. This is our second investment in Carepatron, having backed them from the very beginning at their pre-Seed fundraise in May 2022.
You can follow the journey by reading our investment notes from the pre-Seed here.
One platform to rule them all
Carepatron is building delightful workflow and payments software for independent health practitioners - like therapists, chiropractors, and health coaches - to manage their businesses end-to-end.
The practitioner-client journey is made frictionless with centralised appointment scheduling and automated client reminders, note generation via voice-enabled transcription, and collated medical histories, so no record is lost.
Plus, automated billing and coding with one-click invoicing, patient portal and accounts payable tracking, and seamless telehealth integration to conduct consults from anywhere, anytime.
See co-founder David run through a product demo here.
In the 12 months since we invested in Carepatron’s pre-Seed round, founders Jamie (CEO) and David (CPTO) have shipped product at a blistering pace with a small but mighty team, delivering a feature-complete workspace.
With more than 5K users (growing ~40% MoM in the last quarter) in 40 countries - 55% of their customers are in North America - Carepatron has proven their beautiful all-in-one platform has global reach.
In a similar vein to SafetyCulture’s Checklist Library, Carepatron has developed a content-led strategy to get users to an ‘a-ha’ moment quickly.
Publishing 200+ templates for frequently searched queries on clinical documentation, like assessment worksheets or privacy policies.
As a direct result, website traffic increased 2x in the last quarter, and new signups also doubled over that same period, with 75% of users acquired organically.
Customer-obsessed, focused, execution machines
Jamie and David are not founders from central casting.
They live in Tauranga, the Gold Coast of New Zealand, better known for surfers, retirees and kiwifruit than for software startups.
Yet, they’ve proven themselves to be customer-obsessed, frugal, and focused execution machines, on a mission to revolutionise how health practitioners work.
With just US$500K burned from their pre-Seed round, they have:
- Built an intentionally-flexible architecture which is agnostic between practitioner types and geographies.
- Shipped complex features like insurance-ready billing which allow them to win with US customers.
- Scaled organic acquisition strategies like clinical templates as a lead generation tool, scrappily (and rapidly) built out by medical school interns.
- Built an engaged, distributed and highly-productive team, allowing them to make impressive progress while keeping cash burn low.
We are stoked to be backing Jamie and David once again, as they deliver the modern OS for the world’s independent health practitioners.
Know any practitioners or teams that would love to supercharge their workflow? Share free access to Carepatron here!
Our Next Chapter: Fund 2
We’re pleased to announce the next chapter of Blackbird Ventures with a further $200 million of capital to invest in Australian startups.
Investment Notes: Roborigger
We’ve invested $5m in an innovation which promises to make worksites safer.