RightClinic proves Dragons’ wrong with £250,000 Forward Partners investment
Laser eye surgery and cosmetic treatment start-up previously rejected by all five investors on BBC show for £100,000 request
Cosmetic treatment business RightClinic has secured £250,00 investment from venture capital firm Forward Partners; a “victory” for the start-up after it failed to secure investment from the investor panel on Dragons’ Den last year.
Founded by doctor Ganesh Rao, RightClinic (formerly TreatmentSaver) is an independent online portal for laser eye surgery and cosmetic procedures where users can compare health and beauty clinics and book their appointment online.
To date, the company claims to have booked over £1.2m worth of treatments and has signed up leading UK chains such as Optical Express and Ultralase to the platform.
The start-up says it has “proved the Dragons’ wrong” after they rejected the offer of £100,000 for 20% equity when it appeared on the BBC show last year. It has now secured two and a half times the original request, at double the valuation.
Having recently graduated from Newcastle accelerator Ignite, the online marketplace intends to use the funding to “build on its success to date” and expand into new verticals, as well hiring new team members with the goal to become “the place” to find and book treatment clinics.
RightClinic founder and CEO, Rao, commented: “Taking on the Dragons was a daunting experience, but I’m pleased to say that we’ve bounced back bigger and better. We’ve spent the last year refining our business model and messaging, and on Meaden and Linney’s recommendation our site has had a little makeover of its own, so there’s no hard feelings.
“With the market estimated at £10bn in the UK alone, the investment and support from the team at Forward Partners will help propel RightClinic to the next level.”
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Nic Brisbourne, Forward Partners managing partner, added:
“Here at Forward Partners we believe that we’ve spotted potential where the Dragons failed to. Health and beauty services are still a backwater on the internet, and there is big demand for a business that can address this.”