Fullscript, an Ottawa-based software company that supports integrative medicine for practitioners and patients, has agreed to receive a $240 million investment. The investors are US private equity firms HGGC and Snapdragon Capital Partners. Proceeds of the deal will back the company’s growth strategy.
PALO ALTO, Calif., Nov. 9, 2021 /CNW/ — HGGC, a leading middle-market private equity firm, and Snapdragon Capital Partners, an investment firm focused on the intersection of growth consumer categories and digital enablement, today announced that they have signed a definitive agreement to make a $240 million strategic growth investment in Fullscript, the leading platform to power the expansion and accessibility of integrative medicine. Details of the private transaction were not disclosed.
Founded in 2011 and headquartered in Ottawa, Ontario, Fullscript supports thousands of integrative and functional health professionals committed to delivering better patient care. Fullscript is an innovative tech company and the healthcare industry’s leading online platform for professional grade supplements, custom protocols, adherence management and a library of clinical and evidence-based resources that simplify integrative medicine for practitioners and their patients. With a repository of 20,000 practitioner-grade products from over 300 brands, Fullscript offers a personalized experience to support practitioners and patients on their wellness journey. Over its 10-year history, the company has grown to $300 million in annual revenue with over 500 employees across North America.
“We are very excited to partner with HGGC and Snapdragon to build on the immense growth we have achieved over the past decade and take our business to the next level,” said Kyle Braatz, CEO at Fullscript. “With the support of our new investors, we will continue our unwavering focus on empowering practitioners and supporting their patients, while strengthening our position as the leading digital platform for integrative medicine. We plan to make significant investments in people, technology, partnerships and acquisitions to accelerate our growth strategy and deliver on our mission to help people get better.”
“Practitioners need a strong partner to deliver the best integrative treatment experience for their patients,” said Bill Conrad, HGGC Partner. “Through its direct-to-patient platform, Fullscript enables practitioners to better allocate resources and focus on patient care. HGGC and Snapdragon look forward to supporting Fullscript’s vision to be the platform that powers integrative medicine.”
Fullscript’s innovative model has resulted in extremely high growth and retention rates among practitioners. As a result, Fullscript has consistently been recognized as one of the fastest growing, innovative tech companies in the country by Canadian Business, MaCleans and The Globe and Mail.
“Kyle and his team have built a unique model that benefits all stakeholders, including practitioners, brands, and most importantly, the consumer with leading ecommerce and patient engagement technology,” said Mark Grabowski, Founder and Managing Director at Snapdragon Capital Partners. “By partnering with experienced growth technology and health and wellness investors HGGC and Snapdragon, Fullscript can extend its market leadership and become an even more critical player in helping consumers manage their health and wellbeing.”
HGGC is a leading middle-market private equity firm with over $5.6 billion in cumulative capital commitments. Based in Palo Alto, Calif., HGGC is distinguished by its Advantaged Investing approach that enables the firm to source and acquire scalable businesses through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Since its inception in 2007, HGGC has completed more than 300 platform investments, add-on acquisitions, recapitalizations, and liquidity events with an aggregate transaction value of over $41 billion.
About Snapdragon Capital Partners
Snapdragon is a growth equity and buyout investment firm targeting consumer companies sitting at the intersection of high growth categories and digital enablement opportunities. Health and wellness companies have been a core focus, as represented by Xponential Fitness, the largest franchisor of boutique fitness studios globally, and Better Being Co., a whole-body wellness platform. Learn more about Snapdragon here: https://snapdragoncap.com/