money moves

Houston digital health platform raises $1.2M seed round

DocSpace was founded by Chief Product Officer Miles Montes (left) and CEO Mario Amaro, a physician and U.S. Navy Veteran. Photo courtesy of DocSpace

A Houston-based software company providing clinicians a turn-key platform for their practice has announced the close of its seed funding round.

DocSpace raised $1.2 million in seed funding led by Slauson & Co. with participation by Precursor Ventures, Acrew Capital's Scout Fund, and SputnikATX Ventures. The company's angel investors Nathan and Sonia Baschez, Nikhil Krishnan, and Eliana Murillo. The company was founded by CEO Mario Amaro, a physician and U.S. Navy Veteran, and Chief Product Officer Miles Montes, an expert in platform product management previously at ADP and ShopLatinx.

"Existing practice management software requires clinicians to manually self-navigate the expensive and complicated business formation process before they're able to utilize any of their product services," says Amaro in a news release. "When you require clinicians to do all the hard work of starting a new business then force them to purchase expensive software, it's no surprise that fewer clinicians have the opportunity to build new businesses in their communities."

Since its launch in March 2020, DocSpace has helped hundreds of clinicians, therapists, dentists, physicians, and optometrists build their practices with its end-to-end software that provides, according to the release, HIPAA-compliant tools like "digital health storefronts with custom themes to back office management tools like scheduling, video conferencing, banking, payroll, and bookkeeping."

"Making it easier for clinicians to start new businesses is critical to decreasing clinician burnout, giving more choices to patients, and reducing the amount of administrative and overhead bloat in delivering health services. We should treat clinicians like entrepreneurs and reduce the barriers to them striking out on their own," says Nikhil Krishnan, the founder of Out-Of-Pocket and adviser and investor to DocSpace.

The seed funding go toward building out DocSpace Pay, a payment system tool for patients and clinicians.

"This is why we were inspired by Shopify's business model and the infrastructure they created to empower retail merchants to be small business owners," says Amaro. "We are building the first clinical practice operating system that provides clinician entrepreneurs the opportunity to seek practice independence, helping them get to market faster, while leveling the playing field so they can compete against large hospital systems and other VC-backed healthcare startups."


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Building Houston

 
 

HX has been acquired by InnovationMap's parent company. Photo via Getty Images

The nonprofit organization established in 2017 to advance awareness and opportunities for the Houston Innovation Ecosystem has been acquired by a local business.

Gow Companies has acquired of the assets of Houston Exponential. The terms of the deal were not disclosed. (Gow Companies' portfolio includes InnovationMap, as well as CultureMap, SportsMap, sports festival provider Pokatok, sports tech accelerator Pokatok Labs, ESPN radio, a sports tech-focused SPAC, and other strategic entities.)

The company plans to build upon the organization's mission and increase programming and access while leveraging new revenue streams, according to a news release.

“To say that HX was the ‘shot-in-the-arm’ Houston needed to accelerate our tech and innovation growth would be an understatement,” says Blair Garrou, HX board chair and managing director of early-stage venture capital firm Mercury. “HX has helped unlock the collaborative potential of founders and investors in the startup scene, local government, academic institutions, and the corporate sector to connect, promote and to attract talent, companies, and capital to Houston. This transaction celebrates that success and acknowledges the next stage of Houston’s evolution.”

Some of the accomplishments HX has observed in its tenure includes growing local VC activity from $284 million in 2016 to $2.34 billion in 2021, five Houston startups reaching valuations of more than $1 billion, increased local presence for several large tech companies, and attracting and standing up startup development organizations such as The Ion, Greentown Labs, The Cannon, and more.

The acquisition includes HX's brand and events — including the Houston Tech Rodeo and Houston’s tech gala, The Listies — and will recognize the sponsorships that have already been contracted with respect to upcoming events. The two events are in line with Gow Companies' mission, according to the release.

“HX plays a critical and unique role in the ecosystem and truly serves as Houston’s front door to our entrepreneurial community,” says Lawson Gow, partner of Gow Companies and founder of the Cannon. “Gow Companies is a collection of businesses that can be leveraged to advance the impactful work that HX has been doing in our city over the past five years.”

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