Procurement solutions platform Restocq.com has closed a $2 million funding round led by Airtasker (ASX: ART) co-founder Jonathan Lui as it looks to enter the medical consumables industry.
Headquartered in Sydney and founded by Dr Namita Gupta and Dr Stephan Kantharajah, the company will use the funds to build out its procurement solution - an online ordering platform where dental practices can search for, compare, and order products.
With $2 million under their belts, the founders are already gearing up for the next round of funding to execute ambitious goals for Restocq.com and further penetrate Australia’s dental market of 15,000 practices.
From there, the two hope to expand into the medical and veterinary industries, while developing the platform to offer payments though invoices online, and take the startup global.
According to the founders, current methods of procurement are archaic, often involving sending emails, making phone calls, writing paper notes, and using SMS and WhatsApp. The two hope their platform will streamline these cumbersome processes and save practices more than 10 company hours per month.
“Before launching Restocq.com, we ran into the same problems every month; running out of stock, having products expire and getting caught in a procedure without something we need,” said co-founder Dr Gupta, who owns three dental practices across the Sydney, Central Coast and Newcastle regions with Dr Kantharajah.
“We knew that so many dentists were experiencing the same thing and we were determined to come up with a solution.
“By providing a seamless way to manage procurement, Restocq takes a huge weight of responsibility off the shoulders of practice owners, allowing them to focus on patient service and business development.”
Leader of the raise, Airtasker co-founder Jonathan Lui, said he immediately saw the blue sky potential of Restocq once the concept and opportunity was explained.
“Restocq.com is a truly revolutionary product for the dental, medical, and vet industries and is growing at a lightning fast rate, with over 80 dental practices in Australia using the platform as a procurement solution already,” said Lui, an Australian Top 100 Young Entrepreneurs lister whose company listed on the ASX last year.
“Given my experience in building online marketplaces, what attracted me to Restocq is the way it benefits both the customer and supplier sides of the dental market. All while helping businesses save money, the company is redefining the role of the sales representative, from order takers to product specialists and allowing them to have more meaningful interactions with the practice owners they service. And thereby allowing them to increase sales for the supplier.
“Restocq is the new way to discover suppliers, manage orders and get real-time spend and insights and a perfect solution for many practice owners.”
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