🤑 21 March 2024: Scan.com

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Scan.com

Blurb: Scan.com is building the platform infrastructure to connect all the stakeholders across the $220B diagnostic imaging market. Its vision is to become the “obvious” platform for patients and clinicians to order scans. Its vision, strategy and go-to-market are analogous to other B2B2C platforms in the USA healthcare market such as GoodRX (NASDAQ: GDRX), Parachute Health, Torch Dental and DispatchHealth ($2B valuation).

Every year, 40 million people in the USA and UK face challenges in navigating diagnostic imaging. They struggle with obtaining transparent pricing, scheduling appointments, understanding insurance implications, and comprehending the results. Under the leadership of Charlie, Jasper and Oliver, Scan is developing the infrastructure to connect the diagnostic imaging markets across the UK and USA.

After scaling the UK's LTM revenue by 3.3 times to $7.9M in November 2023, the team secured a $45M Series B funding round to strategically acquire a US competitor. This acquisition was completed in December 2023 to accelerate their US go-to-market strategy, resulting in a combined entity with an annualized revenue run rate of $54.7M as of January 2024. Scan.com is now seeking an additional $10M in funding to invest in the capital-efficient growth of both the UK and US businesses.

This deal represents a significant opportunity to invest in a high-growth and high-potential company that has started scaling across the USA.

Highlights:

  • Scale.com UK’s revenue, in the last twelve months, by 3.3x to $7.9M (Nov 2023).

  • The team closed a $45M Series B (participation from Aviva, Triplepoint, SimplyHealth, YZR) to acquire a US competitor.

  • Following the acquisition in December 2023, the merged entity reported an annualized revenue run rate of $54.7M by January 2024. Scan.com is seeking additional funding at a $78M pre-money valuation to fuel growth in the UK and US markets.

  • They provide a consumer marketplace, doctor portal and TeleHealth / EHR API for price comparisons, live scheduling, insurance, and results storage.

  • There is a clear path to Scan.com becoming a $1B+ revenue business. In Atlanta alone, the revenue run rate is north of $50M, with the plan to launch in 10 metro cities over the next 24 months.

Deal Stage: Series B
Round Size: $10M
Pre-Money Valuation: $78M
Minimum Ticket: $6.000
Fees: 4% fee + 20% carry
Deadlines: commitments by 28th March - close and wires by 30th March

This will be considered a soft commitment. Upon submission, your details will be forwarded to the fund managers overseeing the deal. They will then provide you with the deal memo, deal sheet, and all necessary information for you to thoroughly research this investment opportunity. Once you are satisfied, you can submit your hard commitment directly to the fund managers, who will then secure your participation in the deal.

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