Houston-based startup RepeatMD is moving into a larger office as its team continues to grow.
Philipp Sitter, founder and CEO of RepeatMD, said the technology company leased more than 15,000 square feet of space at 5599 San Felipe St. in the Galleria area. RepeatMD subleased the space from Houston-based oil field services giant Schlumberger Ltd. (NYSE: SLB), Sitter said.
RepeatMD develops white-label rewards program software for aesthetics practices, med spas and other customers in the wellness space. The company also operates an aesthetics marketplace built exclusively for practices that allows customers to browse, book and pay for treatments with a single platform. As the company's team in Houston continues to grow, RepeatMD needed to expand out of its roughly 5,000-square-foot office space into something larger.
"We're at 50 employees, and we're going to double that by the end of the year," Sitter said.
RepeatMD aims to move into its expanded office space in July. In the meantime, the company is having some fun with the design of the new office. Sitter said RepeatMD wants to bring the feel of a Silicon Valley tech office to the Galleria-area tower with things like nap pods, ping pong tables, a podcasting and media room, a theater, a bar and more.
"I know we're Houston; I know we're all in oil and gas or the Medical Center and we like to take ourselves very seriously," Sitter said. "But I think — especially when it comes to recruiting — there's a lot of room to have fun with it."
Sitter said RepeatMD has seen strong growth since pivoting the technology platform away from restaurants and bars and toward aesthetics and wellness clients in late 2020. RepeatMD aims to clear $10 million in annual recurring revenue by the end of the year, he said. As of May 2022, the company has generated $75 million for its practices, including $23 million in referrals of brand-new patients.
"Referrals is pretty insane — as of May 2022, we've generated 30,000 new referrals to our practices," Sitter said.
On top of the office move, RepeatMD plans to embark this summer on fundraising for its Series A financing round, which is expected to be nine figures, Sitter said.
Before launching RepeatMD, Sitter co-founded King's Biergarten in 2011.
