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Distribution without a product: a platform built for equity

A clinical founder had clinics ready to sign and no software to sign them onto. A hybrid equity deal — reduced price plus equity — built the patient-intake platform that carried the company to institutional funding.

Partnership · hybrid equityCustom software + AIHealth tech
100+
clinics on the platform
funded
institutional round closed
hybrid
reduced price + equity
vested
against shipped milestones

The pitch

The founder came with the half of a company that can't be bought: deep domain credibility and a pipeline of clinics ready to sign letters of intent. What was missing was the product — a patient-intake platform that could handle scheduling, forms and compliance-sensitive data across many small practices. Classic partnership shape: distribution without software.

The deal

We estimated the build exactly as we would for a paying client — the same milestones, the same market price. That estimate became the basis of a hybrid agreement: a reduced cash price covering our costs, with the discount converting to equity at the company's advisor-backed valuation. Our stake vested milestone by milestone: no shipped software, no ownership.

What we built

A deliberately narrow v1: intake forms, scheduling and document handling for one clinic type — the one with signed letters of intent. Compliance requirements (consent, retention, access control) were designed in from the first milestone rather than retrofitted; in health, that's the difference between a demo and a sellable product.

Roles, honestly divided: she sold, onboarded clinics and shaped the roadmap from the field · we built, operated and staffed the technical side — an engineering department she didn't have to hire

The hard part

Saying no — to features. Every onboarded clinic wanted something; a partner building for equity has the same incentive as the founder to protect focus, because scattered scope burns the same runway. The roadmap rule we agreed: nothing gets built until three clinics ask for it. It held, and it's why v1 shipped on time.

Where it stands

Over a hundred clinics run their intake on the platform. The company closed an institutional funding round — with our stake, standard terms and vesting schedule passing investor diligence without a raised eyebrow. We remain the engineering partner, now at arm's-length terms, with our equity doing what equity should: keeping us as invested in year three as we were in week one.

Distribution without a product?

That's the partnership shape we look for. A pitch takes one email.