SUMMARY
The deal amount is undisclosed so far
It plans to use the fresh funds in delivering on its plans to digitise 10,000 dental offices in the next five years
Entering other geographies including the UK and Canada are also in CareStack’s pipeline
India and US-based cloud dental software startup CareStack has closed a strategic equity investment round and commercial partnership with the Swiss dental devices manufacturer Straumann Group. The deal amount is undisclosed so far.
Currently, CareStack serves over 1,000 dental clinics across the US. It plans to use the fresh funds in delivering on its plans to digitise 10,000 dental offices in the next five years.
Following the partnership, the two companies will also team up for internationalisation and software product development across all customer segments, enabling them further penetration in multiple geographies.
Talking to Inc42, Varun Nelson, cofounder & general manager of India and US, CareStack, said the startup is looking to foray into Singapore and Australia by the end of 2022. Next year, the startup eyes expanding to New Zealand and Spain.
Entering other geographies including the UK and Canada is also in CareStack’s pipeline.
Founded in 2015, CareStack aims to help grow the dental community including the private practitioners, dental support organisations (DSOs), and dental startups, with its software offerings. It offers a cloud-based dental software solution designed for dental practices, which, as per the startup, simplifies operations, elevates patient relationships, improves staff productivity and accelerates business growth and income.
“Our customer traction to date shows that the industry is ready for digital transformation and we will continue to invest in our people, products and customers to realize a better future for dentistry,” said Abhi Krishna, CEO of CareStack in a statement.
CareStack has over 500 employees across Thiruvananthapuram, Kochi, Bengaluru, and Florida. In April 2021, it had raised $22.5 Mn from Steadview Capital, Delta Dental of California, Accel Partners, Eight Roads and F-Prime Capital. In 2019 as well, the startup raised $28 Mn from the same investors.
CareStack believes that its association with Straumann Group will help oral health providers unlock more growth potential by generating new demand, addressing opportunities in existing patient cohorts, and maintaining clinical excellence.
“CareStack’s practice management software is suitable for individual practices, groups and DSOs,” said Guillaume Daniellot, CEO of Straumann Group. “This partnership will support dental practices in simplifying treatment planning, scheduling, and payment options, thereby helping Straumann Group clinicians to provide high-quality care in a more efficient way to their patients.”
As per a recent Research and Markets report, the global cloud-based dental practice management software market is expected to reach a size of $1.5 Bn by 2030, expanding at a compound annual growth rate (CAGR) of 11.18% between 2022-2030.
