Chicago's startup scene is getting a new player in the beauty and wellness industry, aptly named Pinch, which raised a plump $3.5 million in seed funding to inject some convenience into the booming med spa services market. Dr. Jacob Avraham, a trauma and critical care surgeon, and former SpotHero executive Elan Mosbacher are bringing medical spa treatments straight to clients' doors, catering to a rapidly growing demographic of beauty seekers, both men and women, aged 20 to 35.
Pinch's direct-to-consumer service extends beyond the typical boundaries of a brick-and-mortar location, sending board-certified nurse practitioners to clients' homes for treatments like Botox and facial fillers. According to a statement in the Chicago Sun-Times, the service benefits not just clients but also practitioners, creating an opportunity to operate a side business without the overhead of a traditional medical spa. This approach not only promises convenience for their clientele but also financial breathing room for the nurses who partner with them.
From a business standpoint, Pinch is thinking big, already servicing more than 250 zip codes throughout the Chicago area. In an interview with Chicago Inno, Mosbacher related his intentions to replicate the market dominance he experienced with SpotHero before considering further expansion, "One of the things that I learned at SpotHero was the concept of liquidity over geography, meaning that you want to win one market before you're in many."
To say the stakes are high for these entrepreneurs would be an understatement, with the U.S. medical spa market projected to balloon to $23 billion by 2033. Pinch's model, throwing its hat into a ring of lightning-fast market growth, rides on the back of societal trends that embrace and broadcast the use of cosmetic procedures for preventative care, especially among younger demographics. The capital seems to flow just as readily; their seed round was led by Starting Line, followed by contributions from Lightbank, Ludlow Ventures, The 81 Collection, and Permanent Capital as well as key angel investors from Chicago's startup founder community. "It was about a two-week turnaround to get the round together," Mosbacher recalls, suggesting his previous success played a hand in the investors' swift allegiance.
At the ground level, Pinch seems to be as pragmatic as it is pioneering. Nurse Practitioner Theresa Izquierdo, 31, told the Sun-Times that working with Pinch has been a boon to her career and personal life balance. By offering "tox, filler, IV infusion, and chemical peels," she not only helps her clients feel and look their best but also forges ahead in her own professional journey. This testimony, among others, stands as evidence of Pinch's striving for more than revenue, aiming for meaningful engagement in healthcare entrepreneurship.
