The History of Remedy Product Studio

Read about the founding of Remedy and how it grew into the company it is today.

How It All Started

“We had good sushi and mediocre coffee,” Igor Faybyshev remembered, laughing about his first lunch with Remedy co-founder Oleg Krook.

After many years in tech, Oleg and Igor crossed paths while working at future education-tech unicorn Amplify (formerly known as Wireless Generation) and immediately connected. Despite the fact that they had what Igor called “diametrically opposite styles of operating,” they instantly had what Oleg refers to as “creative synergy.” Not long after, Remedy was born. 

For most of his career, Oleg worked with development companies and frequently noticed gaps in the market. He saw a disconnect between business owners and product development teams due to a lack of open communication and product mindset. Dev shops could execute technical tasks, but they lacked the methodology to deliver products that addressed business goals.

When he met Igor, they shared similar frustrations with the way things were getting done, and in 2012, they began to work on Remedy. Throughout the next few months, they grew to understand how they could be helpful to startups and began to shape Remedy’s offerings.

Scaling Up

When ClassPass hired Remedy and became our second partner, a lot changed. 

In 2013, Oleg became the Director of Engineering and a Remedy representative at ClassPass. Under his leadership, Remedy worked closely with the in-house ClassPass team on multiple products over the course of 2.5 years. Remedy invested in the company’s growth by helping onboard and transition core team members. 

During our partnership, ClassPass grew from Seed stage to Series B and raised $52 million. In 2020, they announced a $285 million Series E, bringing their valuation to over a billion dollars and making them the first unicorn in Remedy’s portfolio. Their success led to the company’s acquisition by Mindbody in 2021. While Remedy helped ClassPass grow their business, ClassPass played an integral role in helping us shape our best practices and strategies. 

Collaborating with ClassPass also led to another critical addition to the Remedy community – Iggy Moliver. In 2014, Iggy was working on his startup OnePlayce with the help of his technical advisor, ClassPass VP of Product Justin Chang. With a lot of competition for technical talent, Iggy was struggling to scale OnePlayce’s engineering team. Justin recommended Remedy to help Iggy build his mobile app, and a partnership was formed. 

In true Remedy fashion, there was far more to the Iggy and Remedy relationship than just product development. Iggy was so pleased with the service he received that he became an evangelist for Remedy, “I found more than a development vendor, I found a true partner in Remedy and committed mentors in Igor and Oleg.” Because of his passion for Remedy’s mission, Iggy began consulting on business development and later on product management practices. Igor and Oleg identified Iggy’s shared mindset and outlook on the industry and offered him an opportunity to join Remedy as a partner.

“Each of us brings a unique approach and their own point of view. We don’t always see things the same way, but that’s the beauty of it. Our individual strengths and weaknesses complement each other,” Oleg said about the trio.

Branching into New Territory

After Iggy joined the team, Remedy introduced an investment component to our key offerings, investing alongside VCs in the form of sweat equity. As the company continued to scale up, we brought in more partners and expanded our capabilities. 

Now, we invest in the success of our partners in multiple ways – by helping them strengthen their internal teams or through direct investments. Among our investments are Every Mother, AssetDash, Block Six Analytics (acquired by Excel Sports Management), Zeamo, and Ash Wellness. 2021 was a momentous year for Remedy with three exits from our portfolio—ClassPass, Block Six Analytics, and HealthReveal, which was acquired by Accolade. 

As Remedy’s network continued to grow, we worked to find new ways to assist our partners. In 2022, we opened a Latin American division to allow for greater time zone overlap, especially for our partners on the West Coast. We now have dedicated product teams around the world with headquarters based in three continents —Europe, North America, and South America.

Our Values

Remedy prides itself on being able to deliver the product customers and users actually need, through research, analytics, and user feedback. By creating an environment of open communication, we collaborate with companies to drive their mission through user validation and agile, iterative development. 

Remedy prioritizes transparency and values building trust in our partner relations. Our team provides realistic expectations and is committed to developing what is right, not what is easy. Through these values, we work to close the gap between business owners and product development teams that Oleg noticed back in 2012. 

We are passionate about healthcare, wellness, and fintech, and constantly strive to find the next big thing that will revolutionize these industries. We hope to continue expanding our offerings and supporting our community in creating the next generation of great digital products. Remedy began as a dream discussed between friends over sushi and coffee, and has now gone on to impact over 40 partners. If you’d like to be the next partner in our portfolio, reach out to us at info@remedyproduct.com.

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