MedScout Raises $5M Seed Investment to Transform Selling Into Healthcare
MedScout, the revenue acceleration platform revolutionizing commercial operations for medtech and life sciences companies, is excited to announce the successful completion of a $5M Seed investment round. The round was led by Stage 2 Capital, with participation from Pre-Seed lead LiveOak Venture Partners, as well as Alumni Ventures, and a16z’s Scout Fund. This funding will advance MedScout's mission to provide advanced sales intelligence tools purpose-built for selling into healthcare.
The medtech and life sciences sectors have traditionally relied heavily on in-person interactions and personal relationships in their sales processes, resulting in significantly higher SG&A expenditure compared to other technology companies. However, the paradigm shift caused by the pandemic, technological advancements, and macro changes within healthcare have created a strong market demand for innovative solutions like MedScout.
MedScout has emerged as a game-changer in the industry. Unlike legacy players, MedScout offers a comprehensive revenue acceleration platform that combines the latest medical claims intelligence across public and private payors with an intuitive user experience designed specifically for sales professionals and leaders. Customers have lauded MedScout for its ease of use and powerful CRM integration capabilities. It enables sales representatives to efficiently prioritize opportunities, plan their territory activities, and access valuable referral data to build stronger relationships with physicians and practices. Additionally, MedScout provides commercial leadership with better insights into their unique market opportunities, enabling them to align sales and marketing efforts for increased effectiveness. In a recent case study, Steve Kassis, a sales leader at Elevation Spine, said, “It’s really been game-changing, to be completely frank with you. And with the integration with HubSpot, it's even taken it to another level. And I think, honestly, it's an invaluable tool for any company to have."
"We believe that medtech sales is undergoing a similar evolution to what we've witnessed in technology sales, where data and technology drive efficient results," stated Stage 2 Capital Partner Mandy Cole. "MedScout's revenue acceleration platform perfectly addresses the needs of the industry, empowering sales professionals and leaders with actionable insights and a user-friendly interface. We were impressed with the thoughtfulness of co-founders Skylar Talley and Casey Shattuck during their participation in our Stage 2 Capital Catalyst program, and we are thrilled to continue supporting their vision."
"We’re absolutely ecstatic to have secured this investment”, said Skylar Talley, CEO of MedScout. “We can’t wait to devote 100% of our energy towards enhancing the MedScout platform, expanding our market reach, and providing sales teams and leaders with the tools they need to get innovative medical technology into physicians’ hands faster. We’re grateful for Stage 2 Capital's support and belief in our vision, and we think it’s a perfect fit - the first VC firm backed by hundreds of GTM executives supporting the GTM platform for selling into healthcare!”.
With the substantial capital injection, MedScout is well-positioned to accelerate its growth and further establish itself as the go-to revenue acceleration platform for medtech and life sciences companies. The company remains committed to innovation and a customer-first mindset. They’ve already added headcount in Engineering and Customer Success to support the growth they’ve experienced this year. They plan to hire people in Sales, Marketing, Engineering, and Product over the coming months. Mandy Cole and Mike Marcantonio will join the MedScout Board, adding extensive sales leadership, healthcare, and institutional investing experience.
About MedScout
MedScout is a revenue acceleration platform designed to transform sales processes for medtech and life sciences companies. By combining advanced medical claims intelligence with an intuitive user experience and integrations with leading CRMs, MedScout empowers sales professionals and leaders to optimize their sales territories, prioritize best-fit opportunities, sell more efficiently, and build stronger relationships with physicians. MedScout has raised $6.8m in venture capital to-date and is headquartered in Austin, Texas.
About Stage 2 Capital
The first go-to-market venture capital firm, Stage 2 Capital combines traditional venture investing and go-to-market execution expertise, leveraging its elite LP base of 500+ senior executives from unicorns and Fortune 500 firms to help portfolio companies scale revenue and accelerate growth. Co-founded in 2018 by Jay Po, former investor at Bessemer Venture Partners, and Mark Roberge, founding CRO at HubSpot, Stage 2 Capital invests in B2B software and marketplaces between late seed stage and Series A. For more information, visit: http://www.stage2.capital
About LiveOak Venture Partners
LiveOak Venture Partners is a venture capital fund based in Austin, Texas. With over 23 years of successful venture investing in Texas, the founders of LiveOak have helped create nearly $5 billion of enterprise value. While almost all of LiveOak’s investments begin in the early stages, LiveOak is a complete life cycle investor focused on technology and technology-enabled service companies. With nearly $500M under management, LiveOak Venture Partners has led investments in 60 high-growth Texas-based companies, including DISCO (NYSE: LAW), Eventus, OJO Labs, AmplifAI, Homeward, Take Command Health, and Osano. Recognized as the Venture Capital Firm of the Year in Austin at the 2022 inaugural A-List awards by the Greater Austin Chamber of Commerce, LiveOak is dedicated to supporting local founders, fostering the next generation of leaders, and building category-dominating companies.
