This week's diagnosis: Medinas, a company helping redistribute medical equipment amongst hospitals. This team is led by Chloe Alpert, a serial entrepreneur out of UC Berkeley, who sets out to create the marketplace for medical equipment.
⚾ The Elevator Pitch:
Remember April? Health care experienced severe shortages in ventilators, face masks, and medical equipment. Over 9,000 unique types of medical equipment are used, but this equipment is not allocated efficiently. Large hospitals hold excess stockpiles that smaller practices could use, and the two groups lack a platform to trade. The $84 billion dollar hospital equipment market has largely been untouched until now.
Medinas uses an Amazon-like marketplace to allow smaller practices to acquire medical equipment they desperately need. At the same time, large firms can offload their offload excess reserves and get extra working capital.
👇 The Drop Down
Stage: Series A
Tech trend: MedTech
Traction: Over $50mn worth of medical equipment sold
Team - Y Combinator graduates and serial entrepreneurs
Chloe Alpert (CEO) | Jesse Avshalomov (CMO) | Timothy Growney (CTO)
🔍 Why we like it
- 📈 Insane Traction.
In a few short years, Medinas has transacted over $50M worth of medical equipment, showing market readiness for their product. Normally we're a little suspicious of marketplace models because of poor unit economics, but with the premium cost of medical equipment, the sky is the limit.
- 🦠 Coronavirus: Now is the time.
Unless you live under a rock (well, maybe you're quarantining) you know that coronavirus has put a strain on hospitals around the world. Now, more than ever, the health care industry needs to manage its inventory efficiently. Medinas could not have come at a better time as hospitals are desperate for inventory management solutions.
- 👫 The team is stacked + has complementary skillsets.
Chloe has built out several multi-million dollar ventures and has gained domain expertise as a Forbes 30 Under 30 in Healthcare. Jesse is an SEO wizard with experience as an SEO program manager at Apple. Timothy has proven experience building for high-traffic, secure, e-commerce platforms. Amongst the three of them, they have the skills to understand the space, gain visibility, and build at scale.
🤝 Get involved with Medinas
- Check out their website
- Spread the word on their coronavirus initiative 🦠
- They are hiring! Check out their careers page 🔗
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