Restocq.com, an ambitious Australian-first full service procurement solutions platform looking to take on the multi billion dollar medical consumables industry, has closed an initial $2M funding round – led by Airtasker co-founder Jonathan Lui.
The brainchild of Dr Namita Gupta and Dr Stephan Kantharajah, Restocq is an online ordering solution that provides dental and medical practices access to multiple procurement suppliers.
Practices can search, compare, and order all their products through the platform, manage spending, track orders, and access real-time procurement data on any device.
Restocq’s mission to procurement’s nightmare
The company’s mission is to provide a solution to what so many dentists have identified as the biggest pain point of their business management: procurement of consumables such as implants, prosthetics, braces, crowns and dental impression materials.
The medical and dental industries spend millions of dollars each month on consumable items using archaic methods such as emails, phone calls, paper notes, SMS and WhatsApp.
Restocq’s creators found these outdated concepts difficult on practice owners to manage the procurement process and have accountability when mistakes are inevitably made.
By providing users with the opportunity to seamlessly order from multiple suppliers with one simple click of a button, Restocq is taking over legacy ordering processes and is estimated to save practices more than 10 company hours a month.
Dr Stephan Kantharajah, Restocq Co-Founder, said, “With 25 years of experience as dentists and multiple-practice owners, we used to feel procurement pain each month and intimately understand the problems so many dentists continue to face.”
“As small business owners, ordering stock from multiple vendors across different systems is time consuming and debilitating for a practice’s balance sheet. It can take so much time.”
“Not only is procurement a difficult task to outsource in a controlled way, leading business owners to lose money, it’s a logistical nightmare and frankly a waste of valuable time that could be better spent growing your business in the short run.”
“What Ordermentum has done for the hospitality industry to streamline the procurement process, we are doing for the medical industry and we’ve started with dental.”
Dr Namita Gupta, Restocq Co-Founder, made the following remarks.
“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. We knew that other 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 responsibility off the shoulders of owners, allowing them to focus on patient service and business development. It saves company hours and around $30,000 in staff time and procurement costs annually.”
Restocq’s strategic partnerships
Airtasker co-founder Jonathan Lui is a Restocq investor and technology partner with his development agency Tachyon.studio. Jonathan Lui said he saw the blue sky potential of the all-in-one service platform when the opportunity was explained.
“Restocq.com is a truly unique product for the dental, medical, and vet industries and is growing at a fast rate, with over 80 dental practices in Australia already using the platform.”
“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 and relationships with the practice owners they service.”
“And thereby allowing them to increase sales for the supplier in the long run.”
“Restocq is the new way for practice owners to discover suppliers, manage orders and get real-time spend and insights and a perfect solution for many practice owners.”
Having so far raised $2 million in seed capital, co-founders Drs Gupta and Kantharajah are gearing up for the next round of funding to execute their ambitious plans for the company.
Restocq plans to further penetrate Australia’s dental market of 15,000 practices before eventually expanding into the medical and veterinary industries, developing the product to offer payments through invoices on the platform, and going global.