InstaMed recently landed their 6th round of investments worth $14 million – with over 90% of their previous investors taking part in this current funding.
The company is looking at further growth and intensified marketing efforts with the help of this new financing.
InstaMed’s co-founder, chairman, and CEO Bill Marvin shares more about their recent funding in this e-interview with Lead411:
Who are your competitors and how are you different from them?
InstaMed has created healthcare payments as a new market segment, which brings together the traditional capabilities of a healthcare clearinghouse and that of a payment processor on one platform to generate new transaction types that leapfrog traditional methods of processing in healthcare. There are many clearinghouses and payment processors, but there are no platforms like InstaMed.
What percentage of your marketing budget are spent on the following?
A. Advertising – 5%
B. Social Media Marketing – 20%
C. SEO – 5%
D. PR – 20%
E. Direct Marketing – 0%
F. Other – 50%
What marketing tactic has given you the highest ROI? What percentage ROI do you get back on this?
Channel partner promotion.
What do you plan to spend your new funding on? Product development? Marketing?
25% Scaling the business and 75% Marketing.
If this is your first round of financing and you’re the CEO, how many hours did you put into working on getting your financing? Was that taking up the most of your day?
No, this is our 6th. No, it didn’t take up most of my day.
If you are the CEO, what are your biggest challenges?
Hiring high quality talent.
How many employees do you have?
100 full time.
When were you founded?
First year of commercialization in 2008, founded in 2004.
How much did you revenue increase(if any) this year over last year?
100% year over year. Four Year CAGR (compound annual growth rate) of 90%.
Want to know more about this recent funding? You can check on their news release here.