There has been a growing global trend of private equity rollup, including industries like medical aesthetics. However, markets like the US medical aesthetics industry have demonstrated extraordinary resilience over the past decades, consistently outperforming market trends. Even in periods of economic instability, such as the 2008 Great Recession and the COVID-19 pandemic, this sector continued to thrive, cementing its status as a high-growth industry. Projections of double-digit expansion throughout the years have showcased the industry’s dynamism.  This, however, doesn't come without its challenges, such as exits and being forced into private equity—especially for independent practitioners. These challenges are exactly what Portrait, a rapidly growing platform for aesthetic entrepreneurs, aims to dismantle. Co-founded by CEO Praveen Ramineni and dermatologist Dr. Patrick Blake, Portrait operates at the intersection of technology, entrepreneurship, and aesthetics.

“At its core, Portrait is about enabling providers to succeed on their own terms. The market has become incredibly competitive, and we offer the tools and resources that allow practitioners to launch and operate with the same efficiencies as larger practices—sometimes even outperforming them,” Ramineni tells BeautyMatter. Designed as an all-encompassing solution, Portrait empowers independent providers to launch and scale their practices without the financial burdens or constraints typically associated with traditional medspa models. The platform does this by eliminating revenue-sharing agreements, monthly fees, and long-term commitments—choices that reflect an acute understanding of the barriers faced by smaller operators in a market dominated by consolidation and increasing corporate control. “Portrait operates as a usage-based platform, aligning its success directly with the success of its customers,” Ramineni says. “This model ensures that when Portrait helps businesses save money, it also earns—a collaborative, win-win approach that creates aligned incentives,” he continues. By consistently identifying and delivering cost efficiencies, Portrait supports its customers in achieving sustainable growth.

In recent years, private equity investment in the aesthetics sector has surged not only due to economics, but also because it is a fragmented sector. Private equity thrives largely on rollups and scale creation. Records show that in segments like facial injectables, which are popular among younger consumers, growth rates in five years have reached as high as 12%. This has evidently accelerated a wave of interests that has pushed many practitioners into larger chains for many reasons. For starters, it has provided an opportunity for exit these businesses. However, they may feel the pressure to become part of a rollup because competing against them may have a negative impact. For providers who value independence, navigating a landscape of skyrocketing costs, increased competition, and operational complexities has become increasingly challenging. Ramineni and Blake recognized this dynamic and sought to flip the narrative, creating a platform tailored to help small-scale entrepreneurs compete against established players.

Portrait’s model has proven transformative, reducing the average time it takes to launch a medspa from six months to just three weeks. This acceleration, coupled with its integrated approach, is redefining what it means to be independent in aesthetic medicine.Blake says to BeautyMatter, “We essentially provide the capabilities of 10 companies in one platform, from medical director matching to compliance guidance, marketing automation, inventory management, and beyond.” Portrait raised $23.3 million in its Series A funding round, which closed in 2021. It was led by WndrCo with participation from several accomplished tech entrepreneurs, operators, and investors, including Slow Ventures, Human Capital, Kevin Mahaffey, Matt Brezina, Sequoia Scouts, and many others. “We’ve used that capital to build a seasoned team of technology executives and industry experts to test models and see what resonates best with our target market,” Ramineni says. “We’ve invested heavily in developing in-house technology, creating a strong foundation that enables us to grow rapidly without compromising cash efficiency,” he adds. By focusing on scalable, sustainable operations, Portrait reached a point where it no longer needs to raise additional funds to fuel their growth trajectory.

This holistic approach has yielded remarkable results. Since its inception, Portrait has partnered with over 700 clinical providers across the US, with projections to support more than 2,000 businesses by the end of 2025. The platform’s ability to improve the profit margins of providers—sometimes by as much as 50%—has been a game-changer, particularly in aesthetics medicine, where operational efficiencies oftentimes determine success. Financial sustainability is at the heart of Portrait’s appeal. Providers on the platform often save hundreds of thousands of dollars annually through operational efficiencies and access to discounted supplies—funds that can be reinvested into their businesses. This financial model aligns with Portrait’s broader vision of creating a more equitable landscape for practitioners.

Portrait’s success is as much about its philosophy as its technology. Both founders believe that empowering practitioners to remain independent is better for the industry and for patients. “The loyalty between patients and independent providers is unparalleled,” Blake says. “When practitioners have control over their practices, they’re able to foster the kind of trust-based relationships that lead to exceptional patient care,” he continues, emphasizing how the platform has positioned its providers to meet the demands of a rapidly changing market.

This adaptability extends to the integration of advanced technology. Ramineni describes the current moment as a golden era for independent practices, with AI-driven tools enabling even solo practitioners to achieve levels of operational efficiency previously reserved for large-scale operations. “The aesthetics landscape is shifting,” he explains. “AI has democratized access to capabilities like automated marketing, pricing analysis, and patient engagement, allowing independent providers to compete on equal footing with larger entities.” Portrait currently leverages AI technology across several marketing tools, and is preparing to release a range of new AI workflows designed to enhance the efficiency of medspas. Automated insights can analyze usage patterns and on-hand stock to recommend the next inventory order, while an AI assistant can quickly provide answers to compliance-related questions. “Portrait is working towards a future where a single clinician medspa will have the full capabilities of a fully staffed front and back office before they have the scale to support the typical industry cost structure,” Ramineni adds.

However, building a platform as comprehensive as Portrait has not been without challenges. The founders acknowledge the complexities of creating a system that caters to such a diverse range of needs. “We effectively operate as several companies in one,” Blake says. “There are stand-alone businesses that focus solely on compliance, EHR systems, or marketing, but we bring all these elements together in a unified platform. It’s a monumental task, but it’s what makes Portrait unique.” In order to combat issues like this, they’re allowing providers to tailor the platform to their specific requirements. Whether they are newly entering the industry or seasoned practitioners looking to scale, Portrait offers a level of flexibility that is rare in the market.

Beyond its operational and financial impact, Portrait has become a trusted partner in helping providers navigate the complexities of compliance. A recent partnership with one of the leading healthcare law firms underscores this commitment, offering providers access to specialized expertise that ensures their practices remain compliant in a rapidly evolving regulatory environment. They are, however, not the only ones doing this. Amongst others, Moxie, founded by Dan Friedman (former President/co-founder of Thinkful, sold to Chegg) and Sam Gerstenzang (former Senior Product Director at Stripe), is also riding on this wave, raising $15.7 million to fuel its expansion.

Looking to the future, Portrait is poised to expand its reach, both within and beyond the aesthetics industry. Ramineni envisions a platform that continues to evolve alongside the needs of its users. “Our goal is to create a system that not only supports current practitioners but also paves the way for future innovation,” he says. “We’re not just building a platform. We’re building a future where independence thrives, and where providers and patients alike benefit from the possibilities that come with it,” Blake adds. As the medical aesthetics market continues to grow, Portrait is shaping the narrative of what is possible for independent providers. By offering a comprehensive, adaptable, and accessible solution, it has established itself as a leader in an industry undergoing profound transformation.