ForbesUnder30-founded orthodontics company Candid raised $63 million to be the Warby Parker of braces
They just closed a $63 million round with repeat investors Greycroft, Bessemer and e.ventures and first-time investors like RiverPark Funds, Blisce and Mousse Partners. This round brings the two-year-old company’s total funding to nearly $90 million. Though the company is not profitable, with the new cash they plan to focus on growing their team to 550 and on opening 50 retail locations in 2019.
Candid’s retail locations are not your typical third-floor, over-air-conditioned suburban medical office park suite. Candid studios, where potential patients can consult with an orthodontist and get fitted for aligners, are located on the best shopping streets in America: Robertson Boulevard in Los Angeles, Newbury Street in Boston and a block from Barneys New York in the city's Chelsea neighborhood. With the new funding, they’ll increase retail locations by 500% in 2019.
That dream may be realized: The two-year-old company has grown revenue at an average of 25% per month. And not only do 60% Candid’s customers describe satisfaction with their smiles, with 90% discussing Candid every week with their friends and family, Candid also donates $25 per sale to Smile Train, which provides cleft-palate repair surgery to children in 87 countries.
“The dental and orthodontic category has been unchanged for so long,” says e.ventures’ principal and the firm’s lead Candid investor, Jett Fein. “The Candid team is world-class, and they’re on a mission to change all aspects of dental and oral care.”
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