These funds were enough to create a full-fledged product. Another step towards success was cooperation with Nordea bank. The bank was ready to test Collectly’s technology in its Danish division. Ultimately, this testing showed that the service was ready to enter the American market. So, the entrepreneurs applied to Y Combinator to move to San Francisco and focus on product development. The first interview at the famous startup incubator took place in February 2017. Another one soon followed — with Michael Siebel, managing director of Y Combinator.
It was a repeat interview for 25 minutes
They arrange them very rarely. Michael asked a huge number of questions, which left us stumped every now and then. We left his office fully aware of namibia phone number library our failure. But suddenly… we got a call. At that moment, Maxim and I were standing in line at the checkout – we wanted to eat and drink away our sorrows. The phone rang – we got through! Levon Brutyan, CEO Collectly From the first investment to a full-fledged project While participating in the Y Combinator program.
Brutyan and Mizotin began collaborating with
Small collection agencies. This work allowed them to process $2 million in total and brought the service a certain percentage of the debt returned. However, this was not enough. The team began looking for new areas of application for the service and amazing pop-up teaser ideas to increase conversion rate turned their attention to healthcare. There was also a problem with collecting money. About 50% of all payments to clinics in the US are never collected in the healthcare system. Collectly’s collection experience could be useful for healthcare companies to speed up and increase cash flow from patients and reduce collection costs.
In 2017, the Collectly startup received $1.9 million
Seed investment from GoAhead Ventures and other funds. It was this money that was used to develop the company in a new area. To do this, the startup was integrated cg leads with the Athena Health and DrChrono systems, for medical services. In 2021, the service received another $3 million in investment. These four years brought Collectly cooperation with more than 300 clinics, and its annual revenue increased 3.5 times. The service processed over 150 thousand payments per day. Collectly has already achieved high results in the US healthcare segment.