When the pandemic first hit the U.S., Brock Leonti’s early-stage Perscribe FIT was fortunate to have a large amount of funding runway left; an open round from the previous year allowed the company to welcome new physicians, even as the company was shutdown.
“That round was really important for us because it represented two things,” Leonti says. “That there was commerce going on in the form of investments out in the market, and the second piece was that physicians were ready to continue investing.”
The support Perscribe FIT has received from its funders in recent months has been critical. But it’s not just the funding that’s been helpful. It’s the intellectual capital from the company's investors that has been invaluable.
“It's the passion and the knowledge behind it that is really valuable in working with those investors," he says. "That's the sole reason why we opened that strategic round last year because we knew that having that as an early-stage company is invaluable to taking those next steps.”
Physicians are often a little leery of adding new or novel services to their practice — they don't typically have the confidence that novel products are going to help their patients. So, that strategic knowledge from investors, Leonti says, has really helped the company validate and launch inside practices.
Now, with the pandemic still a factor, Perscribe FIT is seeking another investment round. Leonti says the company will certainly go back to its current investors, but it will also open the door to potential new investors.
“We're looking at and talking with some VCs, but that has always been something that we've kind of said maybe we wouldn't go towards — we're not opposed to it," he says. "Our next way is through family offices and looking there, and then maybe some strategic Investments as well.”
Leonti spoke on the Smart Business Dealmakers Podcast about what it’s like to be a startup during a pandemic, and how funders factor into the company’s success during turbulent times.
Listen to the podcast