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You could say that Kyle Braatz and Brad Dyment were do-good dabblers during the first part of their careers.
The online health care firm on Wednesday revealed it had raised US$240 million in equity capital from U.S.-based investors HGGC and Snapdragon Capital Partners.
You could say that Kyle Braatz and Brad Dyment were do-good dabblers during the first part of their careers.
Braatz, the University of Ottawa business grad, and Dyment, who acquired his web development skills from Algonquin College and Carleton University, launched non-profit entities more than a decade ago that raised money for cancer research and helping children in need. They created a video production firm.
The colleagues discovered they loved building organizations, but, in 2011, Braatz issued the following caveat:
“Whatever we do next has to be something we can do for the rest of our lives,” he told Dyment.
Braatz has found that something. In 2011, he, Dyment and Chris Wise co-founded the online health care firm Fullscript, which on Wednesday revealed it had raised US$240 million in equity capital from a pair of U.S.-based investors, HGGC and Snapdragon Capital Partners.
You have to go all the way back to the 2000 tech boom to find venture investments that approach that size. Direct comparisons are difficult because the cost of money was so much higher two decades ago. Suffice to say this is a very big deal.
Braatz says the company intends to use the fresh investment to hire employees and to expand the company’s software platform, which physicians and other wellness practitioners use to personalize nutrition regimes for patients.
Fullscript currently employs about 500, about half of whom are based in Ottawa. The company’s other big centre of operations is Arizona, the base for Natural Partners, a wholesaler of nutritional supplements. Fullscript and Natural Partners merged in 2018, with the idea of using Fullscript’s online fulfillment technology to get the supplements into patients’ hands along with physicians’ instructions (protocols) on how to use them.
At the time, Fullscript served about 25,000 health practitioners and 450,000 patients. The company was already generating US$40 million per year in annual revenues, but just getting started. Fullscript’s base of practitioners — which also include nurses, chiropractors and nutritionists — recently jumped above 30,000.
In 2019, Los Angeles-based Kayne Partners invested US$25 million in Fullscript to help accelerate the development of its technology platform. Revenues had escalated to US$100 million annually. This year, they are expected to top US$300 million.
“Speed is critical now,” Braatz said, “We’re adding more practitioners and plan to expand into new areas. The sky is the limit for us.”
Well, maybe not the sky. But Braatz clearly sees a large unmet need in the medical system for nutritional supplements aimed at heading off more serious illnesses. Perhaps just as important, there is a desire on the part of patients for a system that allows them to track how well supplements work with what diets and how often they should be used, not to mention a fulfillment platform for delivering them.
They’re getting it from some folks who are no longer dabbling. This firm, now likely valued at nearly US$1 billion, is for real.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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