Five Elms leads $27m growth investment in Practice Better

• Practice Better offers scheduling and appointment management, telehealth, charting, billing, client engagement, online programs, payment processing and more to health and wellness practitioners
• The investment will support the development of new integrations and strategic partnerships, as well as enhanced product features
• The company also plans to invest in expanding its go-to-market, customer-facing and technology teams

Five Elms Capital has led a $27 million investment in Practice Better, a Toronto-based all-in-one practice management software platform for health and wellness professionals.

The deal follows a $1 million investment made by Disruption Ventures in 2021.

Founded in 2016 by Nathalie Garcia, Practice Better offers scheduling and appointment management, telehealth, charting, billing, client engagement, online programs, payment processing and more to health and wellness practitioners. The platform is designed to help practitioners who want to save time, reduce administrative burdens and provide better care to their clients.

The investment will support the development of new integrations and strategic partnerships, as well as enhanced product features. The company also plans to invest in expanding its go-to-market, customer-facing and technology teams to better support its growing customer base.

“Nathalie and the Practice Better team have experienced remarkable growth over the past six years. With over 65% of its customer growth coming from word of mouth and referrals, Practice Better has recorded a 300% compound annual growth rate since inception,” said Austin Gideon, partner at Five Elms Capital, in a statement. “When Practice Better was founded in 2016, it was entering a market in desperate need of innovation. Since then, the team has committed to doing things differently by putting client outcomes at the forefront of health and wellness technology and allowing the industry to break free of outdated and unscalable models. Its reputation as a disruptive force comes from years of dedication, and Five Elms Capital is thrilled to support its continued growth.”

Five Elms Capital is a growth equity firm that invests in B2B software companies. The firm is based in Kansas City, Missouri.

(This post was updated to change the currency of the $27 million investment to US dollars from Canadian dollars.)